Somewhat agree, especially with the localized nature of the market, but you do have to account for the fact that a mortgage is essentially paying 90% rent to the bank for the first ~1/4 of its lifetime, and the opportunity cost of tying up your down payment in housing vs other investments.
It’s why I find it odd that first-time homeowners describe themselves as, well, owners - in all likelihood you just have a new landlord - the bank - and the penalty for not making rent is quite a bit worse. Especially if you’re looking at a short time-frame e.g. less than 5 years, if you sell at the exact price you bought, you’re out essentially all of your mortgage payments (pure interest), opportunity cost of down payment appreciation, buyer and seller fees (not insignificant), property taxes and insurance (usually rolled into the mortgage but worth mentioning), and maintenance. You very likely lose to renting.
One aspect that’s relevant is the ratio of rent to mortgage payment for an equivalent property in a given locale - and this varies strongly. Some markets are very favorable to renters and vice versa.
It’s why I find it odd that first-time homeowners describe themselves as, well, owners - in all likelihood you just have a new landlord - the bank - and the penalty for not making rent is quite a bit worse. Especially if you’re looking at a short time-frame e.g. less than 5 years, if you sell at the exact price you bought, you’re out essentially all of your mortgage payments (pure interest), opportunity cost of down payment appreciation, buyer and seller fees (not insignificant), property taxes and insurance (usually rolled into the mortgage but worth mentioning), and maintenance. You very likely lose to renting.
One aspect that’s relevant is the ratio of rent to mortgage payment for an equivalent property in a given locale - and this varies strongly. Some markets are very favorable to renters and vice versa.