This is definitely the norm in many, many countries. This is the first generation, at least in a long while, where buying a home is looking completely impossible for many...

The bank doesn't own the house, they just have a significant lien against it. Maybe a potato potato situation (how are you supposed to spell that phrase 🤔), but it is an important distinction.

Landlords can get pissed if you paint the walls/change appliances/remodel/etc., but so long as the property is properly insured (and you make your loan payments on time) the bank probably isn't going to bother you.

Landlords can

and do

place restrictions on quiet hours, guest policy, who is allowed to live there, etc. Owning is definitely different.

And then there's taxes that have to be paid, and if not you can lose the house you own.