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A couple more things to consider:
1) Renting provides flexibility. A forced sale in a down market can kill you. A forced move as a renter is easy.
2) Mortgages stop after 15 or 30 years. Rent goes on forever.
At some price point, you buy just to start building equity in real estate so that when you retire, you have no rent or mortgage payment.
3) Home prices always go up. Oh, no. Wait a minute …
