A tough decision facing many young people right now, take a look at this
rent vs. by spreadsheet;
The author goes though a thorough analysis is
here. The thing that most people overlook when talking about wanting to buy a home to 'build equity' is the opportunity cost associated with the down payment. What else could the down payment be invested in? Would that investment grow faster than the value of your home?
The spreadsheet can of course be altered in any way you see fit to add factors such as having a rental suite in your home.