The main disadvantage is you lose flexibility. Real estate is easy to buy & sometimes almost impossible to sell — This is happening right now in Campione, my favorite town, safest in Europe where the huge Casino that supported the town just folded! The 500 fired ex-employees mostly now want to sell out and move on, but now there are NO BUYERS except me, for the moment and I want a 90% discount from the former value. It will bounce back eventually, but if you need to move on quickly to find another job, then, owning a home can involve an expensive loss!
With a rental, at worst, you just may have to forfeit a month’s security and be able to move on. With a house, you are stuck, unless you are rich enough to just lock it up and leave it. The PT motto is if you can sleep in it, on it, or with it —rent it. A Perpetual Traveler (PT) is always Prepared Thoroughly to move on immediately if where ever he lives doesn’t suit him anymore. A homeowner can’t usually be a P.T. who has a Packed Travel Bag a Portable Trade and is not tied to any country or Particular Town.
There are many advantages to home owning., The main one being security. You won’t get kicked out. The taxes may go up, but never as much as rent. For more info on Life, Love, Sex, Finding Happiness and making money see my 1000+ other answers.