If someone is renting right now, I’m not suggesting that they rush out and buy a house or condo. Certainly, they could get a better deal next summer or the summer after, even if prices were only to slip a little. I’m just saying that they need to buy at some point, because in the long run, it’s better to have a mortgage that you are hopefully paying down, eventually to zero (assuming the mortgage can be afforded). The strategy of renting now, and investing the difference can work in theory, but the reality is that Americans as a whole, whether they are renters or property owners, really don’t save very much, and some renters will not actually be investing and saving the difference.
