I pay $1,600 a month rent in a home that is appraised at $500k.
The math is pretty easy...
I admit that if I had known back in 99 that we were in for the biggest bubble in history, I would have bought then. But at least rent has been flat (and maybe even gone down a little) since then.
I was a homeowner for twenty years. I have been a renter now for nine, and LOVE IT.
Nice lifestyle thing.