This all makes sense financially and I had my family sold on this very concept until our landlord decided they wanted to sell the house that we were (until that point) happily renting...
It's not so bad when you're younger and don't have the responsibility of kids as you can hop from rental to rental fairly easily. You don't mind the insecurity so much. Tougher later on when you have a family. Trickier still when you add a dog, cat and some hens!
Yes I agree with you there, if the home provides you with other benefits such as stability or efficiencies like less travel and free time then you could write off that against the expenses. This is more of a generalisation on how a home should not be seen as an asset, how not to overinvest in your home, and how much is your perceived stability worth to you