Regarding 1... can't a resident of a home, should the need arise to move on short notice, become an absentee landlord on the same property? If the monthly costs of renting equal or exceed the monthly costs of owning, presumably the rental income covers the cost of owning the property, and the former resident can go rent property wherever they happen to need to be.

I would add to your second list:
4) Owning the property means I get more upside if property values go up.
5) Renting the property means I am subject to the owner's whims in addition to my own.