During my two years lurking around this site, I’ve gotten the itch to buy from time to time for emotional reasons (yes, I’m female, and yes, I’d love to decorate). But then I look at the hard facts and realize it’s ridiculous. There’s no way I can buy anywhere for what I pay in rent (particularly when you include ALL costs of ownership, such as insurance, repairs…). And, by the way, never let someone convince you that you need the tax deduction – the tax deduction only comes into play when you’re looking at the cost of ownership; you should never spend money for the sake of a tax deduction. Plus, I get to live less than a mile from the ocean in a place I love – not in an inland subdivision like a lot of my home owner friends. And I’m saving money that I can put towards a down payment when the market is more reasonable.
And, speaking of paint – even if you’re technically not allowed to paint, you can still paint, and then either repaint or pay the charge when you move, and you’re probably still better off.
Living in New York for a while, a city full of life-long renters, taught me that not owning a place doesn’t have to make it less of a home. There are plenty of creative ways to decorate a rental- maybe you can convince your wife to see it as a fun challenge.