For that matter, for much of European history, most people did not own their home (the local nobility did), and were subsistence farmers.
Many strong connections to other people (mutally) is much more likely to bring meaning to your life than property ownership.
Not having a major disruption to your whole life beyond your control is a meaningful thing, and a basic need. It could be reliable, predictable, stable source of income or saving, which allows you to rent without such concerns. It could be owning place to sleep, to eat, to invite friends.
Contrast this with the US, where zoning laws and NIMBYism prevent much new housing from being constructed, various laws prevent very small/efficient housing from being built (apartments in Tokyo can be quite tiny, but quite affordable), and lack of tenant protections all come together to make renting somewhat hazardous, because rents tend to go up quickly, much faster than market rate even (basically, to stay at the market rate, you need to rent a new place every year). So owning a home in America means avoiding the abuse from rental companies and ever-rising rents, and having a stable home and housing cost.