Rent cheap = small expenses + investment (stocks...etc)
Rent expensive = big expenses + lifestyle without risk, just ended up no savings

Buy cheap = small expenses + long term investment
Buy expensive = big expenses + waiting to die (with huge risk)

So I would choose the "buy cheap". Buy within your means.

However, youngster today want the best of everything, so they either go for rent expensive, or buy expensive. Thus the overcommit.