The ownership premium that owners pay months after months needs to be deducted from the net when they sell to arrive at the true gain/loss.
You can rent a house that would’ve sold in 2005 for $1 million for $3,000 to $3,500/month. Even if you can afford the payments, you’re losing money every month you own the house. Unless appreciation is, at the minimum, equal to the ownership premium, then you’re losing money every month you own the house.
