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Originally Posted by blankall
To add to this, rent always goes up over time as well. You might be breaking even renting now, but in 10 years, your rent is likely to have increased by 50% but your mortgage payment may actually have decreased.
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You can look at owning a house like owning a condo...your condo fee also goes up over time. Your taxes increase, your roof costs more in 10 years than it will now. Rent doesn't always increase either. But if you want to go by the average rent increases, maybe 3-5% a year. The comparison with inflationary costs of housing might be pretty similar. And as interest rates increases, and they certainly will be, your "rent" will cost more as well.