Probably because I'm not installing hot tubs and the like.
My home costs less than renting. Like everything I shopped around. I paid $115k on my house as a foreclosure in a neighborhood where most of the houses are $150-160k. Rent is typically $1100-1200 per month though my house payment is $700. The "bursting" of the housing bubble may have been bad for some but it was a great time to BUY a house.
There are certainly some upkeep costs associated with owning the home, but they don't come anywhere near that difference between buying and rent (but then again I worked in construction as a teenager and am pretty handy. Most basic stuff I can handle myself). In say, 5 to 10 years, if I wanted to move, as a renter I'd just be leaving the home with nothing. As a home owner, even though I wouldn't have the entire house paid off, I still would have a decent part of it out of the way and that is my staked interest in selling. If I still owe $80k but can sell the house for $140k then I've made a lot of money.
And that's IF I even sell it - ever. I have no desire to leave the area. In 20 years while the insurance and tax escrow portion of my payment may go up, the actual principal/interest part that I'm paying will still be the same - it doesn't scale with inflation. A very old mortgage payment is an even bigger savings over rent. After 30 years if I'm still here that payment goes away completely.
Financially, I home out FAR ahead as a home owner. Yes making payments depends on having a job, but realistically I have to make payments SOMEWHERE or I'm homeless. Homeless vs homeless with a bad credit rating doesn't make that much difference to me.