I like knowing that when a major repair is needed, like a new roof, garage door, A/C unit, it's not my expense.
I ran the numbers after we sold our last house, 13 years ago, and all told (all taxes, repairs, etc.), we would've saved a few thousand dollars had we rented at prevailing rental rates through the time we owned.
So, I'm happy to rent.
There is that one risk when you rent though -- don't get too attached to your home. If you don't want to run the risk of having to be kicked out in a month's notice, it may be worth it to buy.
I rent, because I never know where I am going to be from one year to the next. I also usually get 10 days' notice when I have to move and it only takes me three days to pack.