There is no simple answer to whether renting or buying is better, as it depends on your circumstances, goals, and location. Some pros of renting include flexibility, freeing up savings and allowing for the diversification of investments, but this comes at the cost of being more expensive in the long run and a lack of freedom to do what you like to your own home.
Buying a home provides stability and the freedom to renovate as you please, along with the benefit of appreciation of property value and an ability to leverage your investment. In addition, mortgage rates are still near record lows, and work-from-home policies mean buyers have more flexibility to choose where they will live.