One big macro-scale drawback to home ownership is that it impedes labor mobility: It anchors homeowners to a particular city and makes it harder for them to consider moving elsewhere to find employment. A few months ago I heard economists on Marketplace saying this was a significant national policy problem.
Labour mobility is a relatively new concept too. In the days before nuclear families, people have large extended families to rely on for childcare, and are in a better position to look after their elderly without having to send them to a nursing home. I'm not saying labour mobility is a bad thing, but they have their own policy issues.
