The break even comes at about 50hrs per year, depending on aircraft of course. Below that, it's cheaper to rent. Above that, the better it gets. If you fly a lot, then it will become even cheaper.
Cheaper being a relative world, of course.
Syndicates probably being the cheaper middle ground option. But if you're like me, not much of a joiner of groups and a bit of a misanthrope, then that's not an option.