Renters are short housing
I'm not going to talk too much about why saving can be a macro-economic mixed good -- for example, if higher savings are not coupled with higher deficits, you can get a recession -- but I would like to talk about a benfit of buying not listed by Barro or McArdle: namely that we are born short housing.
Housing, unlike stocks such as Coca-Cola, is something everyone needs at least one of. So, with Coke, you begin in a neutral position and can then choose to go long or short it if you want to make a bet on whether COKE will go up or down. However, with housing, you begin needing one but not having one which means you are short right out of the box. Being short by default means you are speculating on house prices, which may be something you are not interested in doing, in which case buying a house makes you neutral, and leveraging up to buy more house than you can afford or buying multiple houses makes you long. Renting a house leaves you in a short position.
Therefore, with some irony, getting into the housing market is what you need to do in order to get out of the housing market.