The downside to renting is if it breaks, it's on you.
Taxes are on you.
Keeping up the appearance (lawn, etc) are on you.
Homeowners' insurance is much more expensive than renters' insurance.
Generally, you're probably going to pay more to own than you will to rent, especially as you work your way through the loan and you get less tax write offs on the interest you're paying as you work off the interest and pay the principle.
The upside is yes, as you said, you own it. In the long run, you're buying something that's going to hold it's value, assuming you don't buy when prices have boomed to ridiculous.