Seems to me there are more planes to fly than pilots to fly them
That is certainly true at the moment. In my area at Norwich there is a very nice Warrior (which I am renewing my IMCR on), a Robin (the aerobatic one) and a C172 which spend most of their time sitting about waiting to be flown.
Be wary of figures quoted from across the pond. They are lucking in the cost of flying, but over here the figures are vastly different. Having owned and had shares in a number of aircraft I would say that in pure money terms renting is cheapest unless you are flying a lot of hours.
Of course, there are other reasons to own outright or in a group. Avaliability, the choice of aircraft and control are tha major ones. Hiring something bigger and faster than a C172 or PA28 180 is more difficult due to availability and currency requirements. A good compromise is a non equity group if you can find one. There are a few about - there is one in North Norfolk flying a C172. My own group owned Chipmunk is non equity, but this does not protect you from the impact of serious costs - we are about to write some very large cheques for a partial engine rebuild
The other point to consider is that if you own a particular machine you feel obliged to fly it to the exclusion of everything else. Hiring gives you more money potentially to spend (it may not feel that way when the plastic is swiped but it is true) and you can take the opportunity of flying different types. I reckon that for a typical spam can you would not break even under 40 hours per year, possibly more. If you have a budget figure in mind then within that you could do some aeros, tailwheel, floats etc.
If you are determined to buy then consider Permit aircraft. An acquaintance of mine ownes a Rallye which is on a C of A. He is a licensed engineer and does all his own work. Even he finds a C of A aircraft too expensive to operate. They really are the preserve of groups and flying clubs and schools now. With permit you can go from an old Aronca or Cub (not the later ones, which are on C of A) up to one of the modern, cheap to run but expensive to buy kit aircraft like the Sport Cruiser or Pioneer.