Wouldn't rent and a monthly mortgage end up being about the same? The value provided by one unit of housing to its tenants should be about the same as the value

Wouldn't rent and a monthly mortgage end up being about the same? The value provided by one unit of housing to its tenants should be about the same as the value to an owner living there, so an investor buying a unit shouldn't expect to reap huge returns relative to someone buying a unit with a X0-year mortgage, right? I think owning property would be much more expensive than renting in the case where the value is based on future appreciation, vs actual value that it provides as a living area. I admit I'm not an expert on real estate, so please explain to me whether this makes sense or not.