Another is financial: There are heavy tax incentives towards ownership, though this is lessened in the era of cheap money. (On the other hand, if a mortgage can be had for cheap, that puts upward pressure on house prices because fewer units of currency go towards borrowing costs.)
Still another is logistical: Most areas of the U.S. have very few renter protections. If your landlord wants you out and you're not under a current lease, you're out (property rights of the owner and all). This goes double for the desirable places to live. For those who can manage it, the stability of "my housing cost is a known quantity that varies only a little bit outside of my control" (obligatory "did you save for a new hot water heater?" goes here) outweighs the relative immobility of property ownership. Plus, a somewhat high price is put on the ability to paint one's own walls, have a pet, and do minor renovations without asking for permission. Witness the plethora of "home remodeling" shows and TV channels. In many rental units, doing this is not just frowned upon, it is actively forbidden by the lease.
As always, to stave off the inevitable replies of "but my rental experience has never been like that," your miles may vary. I lived in one apartment in Texas that let me do everything short of bulldozing my unit. I lived in another in Seattle that charged me $300 because I got a drop of orange drink on the carpet in a bedroom.