True, very true. But so are the taxes and home maintenance costs paid by the homeowner. I think the break-even point would depend on how long you plan to stay at a location. You would also have to factor in whether your chosen location is subject to decline or not.
For example, a city worker who hates long commutes might decide to rent a place in the city, then scoot when that location deteriorates (as most city locations eventually do).
Things are crazy here (SF peninsula). I decided to live close to the city so as to avoid long commutes. A lot of people I know opted to move far away and accept long commutes. Guess what? Those locations in and near the city improved, were gentrified and are prized now. The far away locations deteriorated when poor misfits moved there, causing decay and crime. Those who had cashed out and moved far away can't afford to come back near the city, are in crime-ridden areas, and the commute has become increasingly harsher. Glad I stayed put, even though I have been wanting to move for decades (my wife nixed my ideas). Just glad I own free and clear, would hate to rent these days. Real estate is going up 5 to 10 percent per year here, and is being passed on in higher rents.