You build equity when you own. Not so when you rent. It’s like leasing a car ...you are pissing your money down the drain. Look at it this way: do you think the people who own the house/apt you rent are doing it at a loss or to just break even? Heck no! You are paying a premium on top of what they are paying for taxes, maintenance, and mortgage (if they don’t own the property out-right) ...it’s their “profit” and they will make one even if they have to constantly raise the rent.
“You build equity when you own. Not so when you rent. It’s like leasing a car ...you are pissing your money down the drain.”
The lease/buy decision for a car is a complicated one, and the right decision depends on many factors such as (1) will you use the car for business purposes?; (2) How long do you plan to keep the car? (3) How many miles do you plan to drive each year?
I buy (used) cars, because they are for personal (not business) use, I drive 15-20K miles per year, and I hold onto them until they are almost fully depreciated. However, someone who can deduct the lease expense, drives 10-12K per year, and wants a shiny new car every three years (e.g., a real estate agent) is probably better off leasing.