Is renting really a waste of money?

Is homeownership the only answer?  For a long time, I've struggled with the same questions raised in the video by The Globe and Mail

"Why pay someone else's mortgage, when you could pay your own?"

"You're just throwing money away, why not buy something of your own?"

Here are some other things to think about:

  • Buying a home
    • Maintenance of the property
    • Purchases such as the riding lawnmower, hot tub, etc
  • Renting
    • Uncertainty of the markets

If you have purchased a home, do you think it was better than renting?