How many times have you heard someone (your parents, siblings, and your insane friend joe that lost 1,000 dollars in a betting scheme) saying that renting is a terrible financial decision? Well, they are wrong. As everything in finance (or almost everything), it depends. Sometimes renting is better, sometimes it is worse.
Housing and rental prices vary over time and by geography, so there is not a quick and dirty rule. To make a reasonable comparison, you must consider the full cost of ownership, which goes well beyond the price tag on the house. You have to consider property taxes, mortgage costs, purchase transaction fees, and property maintenance.
Also, you must take into account your short-term and long-term goals. Houses are very illiquid, meaning that it can be challenging to sell them. Therefore, if you plan to move or need more space in the foreseeable future, you probably should not buy a house just yet (unless you want to invest in property).
In short, buying a house is no simple task. Be diligent!