Buying a home is great, sure. But economically renting isn't the disaster people like to make it out to be.
Most economists agree that renting can actually be more lucrative than buying if you ensure that you save and invest any leftover savings wisely (the overly inflated properly booms we've seen in recent years are an anomaly and are an exception to this). The problem is that many people who rent don't (or can't) leave themselves enough slack to have money left over to play with, whereas people who buy are forced to by the nature of their mortgages.
Economically speaking, rent money is no more "dead money" than paying interest to a bank. The perceived difference is emotional, not financial