A house is an ASSET. Even if your monthly outgo is the same or higher than your rent, at the end of that I have something solid to leave to my children or to borrow against if things get ugly. Moreover, it works kind of like an enforced savings plan; the money I am paying for maintenance and such ends up in the bottom line value of my house. To keep up you would need to save every penny of the difference between your rent and my mortgage, including the maintenance costs, and get a decent rate on it the entire time to boot.

Your analysis above seems to leave out the value of the house itself once you pay it off. it's value is more than just the lack of rent you have to pay; it is an asset in and of itself.

In the end though, it comes down to what your goal is. if the goal is immediate cash flow and/or low maintenance, than renting is better. If the goal is long-term net worth, than buying is almost always a better choice.