The idea that you need to buy a house, or that buying a house is always a wise financial move if you have the means to do it, is misguided. The question of whether it's a financially smarter decision to own a house vs rent (and invest the savings) is not easily answered, which alternative ends up better over the long term is different in different scenarios.
One thing that is true in most conditions, though, is that in comparing alternatives where a young person buys more house than they need (which used to be quite common) against renting a modest and reasonable "young adult" apartment, renting is likely to come out ahead.
The question of whether buying or renting is better financially depends on lots of different things. The price to rent ratio is one of those things. I'm not sure what you mean by "pricing affects both equally", but it certainly is not true that the price to rent ratio in a location is fixed over time or that it is the same in different locations or cities at the same time. In areas with high price to rent ratios it is often better to rent. In areas with low price to rent ratios it is often better to buy. A basic definition can be found here:
http://www.investopedia.com/terms/p/price-to-rent-ratio.asp?...
It depends. Outside NYC/SanFran, rents are usually what you'd pay for a mortgage plus some nominal upcharge.
I took a gig in Houston in 2011, knew it was a bubble going in, and rented. I probably paid $200 more per month to rent vs. buy. Apres la deluge in 2016, I was in great shape; it cost me roughly $12k as insurance against having to sell into a down market.
One thing that is true in most conditions, though, is that in comparing alternatives where a young person buys more house than they need (which used to be quite common) against renting a modest and reasonable "young adult" apartment, renting is likely to come out ahead.