As FormerSanDiegan pointed out, it’s 50% cheaper to rent.
As for the tax benefit, it’s certainly no benefit to the people who have the stated-income “liar” loans. They have no declared income to begin with, so they certainly don’t benefit from the mortgage interest and property tax deduction.
DaCounselor, your tax situation can certainly be different. We are talking here about the situation for the average buyers — those who use exotics such as I/Os, Option ARMs, liar loans and negative amortization loans.
