Maybe so, but rent money is gone forever to the owner.
I’d bet that if you actually added up all of your costs for home ownership over say 20 years... House maintenance, yard maintenance, taxes, repairs, and of course payments.
Then subtract that from the current price you can get from that home and you just might be shocked. In reality, it will be much less of a benefit than you think - or maybe even a loss depending on your location.
Really, one of the worst things about home ownership is that it ties you down to a location and if jobs move, you can be screwed!. Then you are at the mercy of the market.
“Maybe so, but rent money is gone forever to the owner”.
So are property taxes and other incidentals that don’t appreciate the house or property.
True, very true. But so are the taxes and home maintenance costs paid by the homeowner. I think the break-even point would depend on how long you plan to stay at a location. You would also have to factor in whether your chosen location is subject to decline or not.
For example, a city worker who hates long commutes might decide to rent a place in the city, then scoot when that location deteriorates (as most city locations eventually do).