its all depends on personal choices. Seeing the way the House rents are increased , you will get a new your own house if you r ready to pay a bit more than what you pay for rented house.
for ex, in hyderabad , if we have to take a rented house nearer to the HitechCity, IT Hub, the house rents are about 11000 to 15000 per Month. If you can afford a bit more 2 to 3 % as EMI, you can take a good House may be a bit far, but you tend to pay arround 15000 - 20000 as EMI for one month, but still its your house and its your own house.