It depends on your situation. If you need to be living in a place for a short period of time the answer is probably yes. A short period of time is about 1-4 years. If you are planning to live some place for longer than that and plan to own your own place then may be not. Renting also gives you time to shore up your personal finances and make sure you are making the right move. Owning a home is a commitment and you want to make sure you understand what is involved and are not working for the bank for too long.
If you search the internet you will find many cash flow models and examples as why renting may or may not make sense etc etc. Frankly for the average person that does not want to take on a lot of risk and wants to have stability in their live those ideas are not practical. Following this rule of thumb works for most people.
Rule of Thumb
Generally if you plan to live in a place for a short period of time (1-4 years) renting is not a bad idea.
Something to keep in mind when you are renting is that you are paying someone else’s mortgage (if they have one) for the convenience of using their property. The landlord is taking on the problems that go with having a rental such as up keep and maintenance of the place. You don't have to worry about that.