A factor not yet mentioned is that how one buys a house may have a great deal to do with whether it is an avenue to building wealth or whether or not it is even better than renting.
If you put 3.5% down on a 30-year fixed term, you are less likely to consider that a successful move in 10 years than if you had put down, for instance, 20% on a 15-year term.
In the first case, your small equity position isn't likely to grow much since you are paying PMI and the lion's share of your payment is going to interest, not principal. Add in any need for major repair in that time-frame, or consider that you may face depreciation as opposed to appreciation in value, and the first scenario will likely play out considerably worse than renting and certainly not a means to building wealth.
How you buy doesn't guarantee success but it can certainly help mitigate risk. Too many people are sold the bill of goods that buying a home is a must and therefore buy with little down and little savings besides; a solid recipe for trouble.
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"Debt is the slavery of the free." ~ Publilius Syrus
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