I've been through this cycle a few times.

Rent (because I'm a college student or in my 20s)

Buy (because American Dream and FOMO)

Buy a few rental properties (diversify income)

Buy a vacation home (seemed like a good idea at the time)

Sell everything and rent a house (move to an area better for my kids) <--- I am here

Buy one primary home and stay there forever <-- the plan next year

Renting a house is a great financial decision for my current market but the landlord is erratic (will he raise the rent? sell the house? move in?), I still have to deal with a HOA, and there are several big upgrades/changes I want to make and I can't: double the solar/battery, add some covered storage, put in wired cameras, put in a high quality RO water filter, devote most of the backyard to an orchard/garden, etc. And the rent will keep going up, whereas insurance/property tax will go up much slower because I plan to buy in cash.