I've heard the arguments for renting cars and houses.
If you're buying a new car every 3-4 years and selling the old one, it can be cheaper to lease instead. If you're buying a car that's a few years old and keeping it until it's worn out, it's much cheaper to buy outright. You pay it off and spend a number of years with a car and no car payment.
Houses, you don't pay off in just a year or two. When you first take out a loan and buy a house, most of your house payment is just keeping up with the interest with a small portion going towards actually paying down the loan. If you're going to sell the house in 5 years and move, fees and taxes can easily eat up any value that you actually have in the house. So if you're going to be moving semi-frequently, renting isn't much different financially and you don't have to deal with buying, selling, the associated fees and taxes, and the issues of home ownership.
That's the reasoning, anyway. The point is, you have to do the math and figure out what makes sense for you.