I am all for this trend. Many people have no business “owning” a home, or even a car. For most younger people houses and cars are liabilities, no matter what your parents say. (Though many are singing a different tune these days.) Even if the housing market was going up and one is paying down principal, for many people “home ownership” is still a loser with the cost of maintenance, HOA fees, insurance, and taxes.
Young people travel light. Things are just things. Don’t get hung up on the newest car or having the biggest house. If times are tight that’s OK. They won’t be forever. So long as you stay out of debt that is.