Boomer Math
(media.scored.co)
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Have you factored in even the cost of house repairs? And depreciation as the house gets older? And of course the house price may decrease in that particular area. Then buying and selling a house is a big hassle, and the act of buying/selling itself is costly - not to mention all the stress.
If you are into investing in real estate that may be for you, and some people do make a lot of money. But for a poor bastard who just wants to live in peace and doesn't have a fixed location than renting does make sense. Rent is not money wasted; you pay for a service.