Renting is fine in many scenarios, but homeownership can bring a lot of stability to life. Sure it's not for every single person out there, but if you plan to stay put for at least a few years and can afford it, I say go for it.
I think that dollar-for-dollar cost comparisons with renting can only go so far as it's not easy to measure the value of the aforementioned stability (and neither is the lost flexibility of renting).