Canada is like that too. Buying is cheaper. It's also like that with cars, lease vs buy.Where do you live? I live in a smallish city in the midwest and renting is WAY more expensive per month than buying (not counting closing costs). In my experience, the great majority of the U.S. is like this.
A lot of landlords don't actually "own" the property 100%. They have a mortgage on it just like everyone else. The rent must be more expensive than the mortgage + taxes + maintenance otherwise the landlord would be losing money.
Right now I live in a dude's basement. I'm probably paying 2/3 of his mortgage to rent 1/2 of the house and 1/2 the garage. I also pay 1/2 the utilities. Is renting a huge rip off? Absolutely, but it's my only option for the time being.
Buying is usually a better idea, but a lot of it depends on market timing. If the economy is booming and housing prices are up, then buying might be a bad idea because you'll be paying boom prices for the next 20 years. If the economy is in the shitter and you can get a big house for 100k, then buying is better.
