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Originally Posted by Mike Oxlong
I realize that. The fact is with every mortgage payment you are contributing to your own equity. At first it's not much but eventually you will own it outright plus all the appreciation that has occured over the term of the mortgage.
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Now you're either contradicting or changing your argument. Previously you stated:
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If you put 10% down on a house and it appreciates 10% (whether that takes 1 year or 10 years) you just made 100% return on your money.
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So if your house appreciates 10% in one year you don't make 10% on your money because you've been paying pretty much your entire mortgage payments towards interest. That also doesn't take into account closing costs on your house or the annual property taxes.
Whether or not renting or owning makes the most financial sense is not a black and white question. It depends on the market.