Consider this second home scenario. A 2000 square foot home in one area in Maryland (outside Baltimore and Annapolis) costs $3000 per month to rent. Median home price in the same area for roughly same size is $450k. Figure you have $90k down (most don't - which is another way people are forced into renting), and you get 3.5% interest with a 30yr fixed mortgage. You are looking at paying $360k principal and $222k interest over those 30 years, with a payment of ~$1600. Both families live 30 years in the their houses (also not realistic, but makes it easier).
After 30 years the SFR family has spent $1,080,000 and has nothing to show for it. After 30 years the owner family has spent $582,000 (~54% of the SFR money). Not only that, they also own the house. At the U.S. national average home appreciation of 3.85%, that home is now worth $1,397,679. That means that while the SFR family is in the red $1.08 million, the owning family has money if they sell the house, to the tune of $815,000.
Don't ever let someone tell you renting is cheaper in the long term than owning. Renting may be all someone can afford at the time, but it is always a con in the long run.