Some fair points above. The real case for home ownership boils down to two points:
(1) It usually makes a lot of financial sense IF you compare apples to apples, i.e., are you going to buy something equivalent to what you're renting. A lot of people are comfortable with pretty small places when they rent, but once they decide to buy, they think they should go huge. A home is a great investment, not because it appreciates in value (it really doesn't, once you account for maintenance costs), but because it pays a massive dividend in the form of a place to live. If you decide to live in a really big house, you're really just increasing your consumption, and a home ceases to be a good investment.
(2) A lot of people lack the discipline to save. Owning a home forces you to save, provided you don't just turn around and take out a HELOC.
As for down payments, you do not need 250k down, even in very expensive markets (I'm referring to regions and metro areas, not specific blocks). If you think you have to spend that much, it's because you think that a home you buy should be significantly nicer/bigger than a home you rent (see above) or because you are being too picky about location.
Also, I'm very skeptical of people who complain about down payments. If you can't scrape together a down payment, then you're probably going to struggle to service the mortgage. Sure, some people right out of school have a great salary and no assets. If that's you, then you should try living like you did when you were a student, and you'll have your down payment in no time.