Also consider that dividend income from the stock market gets taxed each year before it can be reinvested. So, it does not compound as rapidly as the untaxed "yearly dividend" (aka price appreciation) of the house.

OTOH, as you say, the easy mobility associated with renting can be quite valuable to some workers. It's like, "what opportunities and profits am I foregoing by being tethered to a house here in this job market?" etc.

I think it's all very complicated and situation-dependent, as you point out. We need to predict the housing market, interest rates, the job market for our particular specialty, changes in tax laws etc in order to make an optimal decision. We're all forced into the role of economic forecaster just to make the most fundamental decisions about life.