I don’t think there is any hard and fast rule that applies to every one and in every location. For years we lived in an area where the housing prices were so low that it was cheaper to own than rent. Not only did we build equity but we got the tax write off too.
That all said, we’re advising D to rent and not buy until she’s well established in her career. She’s in a rotational program now and will be moving every year for the next few years, and then will probably need to stay flexibility with mobility for at least the next decade. She has mentors who rushed to buy a house and now have passed up promotions and opportunities because they didn’t want to move. It’s much easier to leave a rental than deal with selling a house.
As such, she’ll be maxing out her all her saving and investing vehicles.