Making a statement like “it’s better to own than to rent” is a somewhat equivalent to saying “chocolate ice cream is better than strawberry ice cream. Or steak.” It is true for some people under some conditions, but without qualifying those conditions it becomes meaningless.
From an emotional viewpoint and in terms of making the average soccer mom happy there’s little doubt that owning is the better choice for those who can afford it. But from a financial viewpoint and considering the current economic climate it is a horrible choice for most everyone else.
If you can afford it and if the emotional payoff of owning is worth as much or more than the cumulative amount of cash you’re going to drop over the years as a result of making mortgage payments that are double what your rents would be on that house, then go for it and be happy. Stop hanging out on boards like this one where participants focus on the financial aspects of the markets. You don’t need our validation and you’re just wasting your time trying to persuade rational people to adopt your irrational (but still valid, for you) viewpoint.
If you want validation from people you respect then you should be hanging out with those people who already share that orientation. In other words, not here.
