A big reason why people believe one should own their own home (or that it is prudent to do so) is due to the historical fact that land has gone up in value in many countries with strong population growth (such as the United States).

As the population of the US starts decreasing (due to lower immigration, and historically low birth rates) and the urbanization trend completes, it's unclear why the value of land should go up, and therefore why real estate should increase in value.

The rest of the debate is very dependent on things like tax treatment (e.g. SALT and property taxes), personal preference (stability of fixed rent vs right to stay forever/customize), and transaction costs.