In my view the main risk of renting is simply ending up with a lot less wealth at the end of the game. Lack of wealth is a risk.
Right now, with real estate prices falling, the scales probably tip towards more people falling into the category where they should be renting. I'll grant you that.
Indeed. Also, renting has lack of wealth as a potential risk, but absence of debt as a definite advantage.
In my experience, people who rent intelligently end up with a wealth similar to people who buy intelligently in a comparable situation. I can see one way with which ownership of a house ends up meaning more money: when you go from owning to renting, and thus don't buy after selling. But at that point, you'd probably be after a better or bigger home than in your pre-ownership days, effectively increasing your "net" money loss in the end.