Comparing renting versus buying

If you are happy renting a place for $2000 a month, does it make financial sense buying that $1,000,000 home down the street?  Let's compare the two scenarios.

Scenario 1: renting for 30 years

Assuming:

1. Rent is $2000 a month now, growing at 5% a year.
2. The stock market is growing at 10% year.

Renting for 30 years costs roughly: sum(24000 * 1.05**i * 1.1**(30-i) for i in range(30)) => $7M.

Scenario 2: buying a place and living in it for 30 years

Assuming:

1. Buying a place for $1M leaves annual payment of 5,368.22 * 12 = 64,418.64.
2. Mortgage interest of 5%.
3. House is appreciating at 5%.
4. Taxes are 1% and going up by 2% a year.

Over time:

1. Cost of the house comes out to: sum(64418.64 * 1.1**i for i in range(30)) => $10.6M.
2. The house is now worth 1000000*1.05**30 => $4.3M.
3. Taxes: sum(10000 * 1.02**i * 1.1**(30-i) for i in range(30)) => $2.1M