It's simple. If the total monthly payment on your house (including insurance and maintenance) net after tax deductions is smaller then rental payment, then it's a no-brainer - you should buy. Anything past that is a matter of opinion. However, if the monthly interest payment net after tax deductions is bigger then rental payment, it's a no-brainer again - you should rent.
PS. This said, ability to control the property is worth something too - if you planning to get a dog or something, the above equation should change accordingly.
Another factor is size- I rent an apartment in a size that isn't available to own (except maybe small luxury condos, which I highly doubt are a money-saving option). If I tried to own a home, there would be no way to get the price down as low as my rental here except by moving to somewhere far away where I would find myself earning less money. Of course, at a certain level of size-large housing there are usually no homes for rent, but that might not really apply to this discussion.