It's a question we see all the time in headlines, especially when rents in a particular city are similar to what the monthly mortgage payment would supposedly be on an equivalent home that you could purchase. I say "supposedly" because a lot of assumptions go into that comparison that may not be true for any individual renter/prospective homebuyer: that they have a 20% down payment and good credit, for example.
I recently had the opportunity to add my two cents' worth to the discussion. You can read it in my Investopedia article, Renting vs. Owning: Which is Better for You? Learn why I think that despite the conventional wisdom, and despite my own status as a homeowner, renting often makes more financial sense.