I think the choice between owning and renting is mostly about trade-offs: Owning can give people more security in that they don't have to worry about a landlord's raising the rent, selling, remodeling, changing management or owners, etc. But it also means more responsibility for fixing things and more economic risk in terms of the investment. Renting allows for less responsibility and more mobility, but also a bit less control over one's environment. Renting frees up money for other types of investments. Owning ties up a lot of your money, but it also means your money is in something tangible, that you get to enjoy every day, rather than on a slip of paper whose value is dictated by the whims of the market. Also, if you really do live in the same house for over 30 years, renting might be cheaper in the long run, rather than spending money on high rent for decades and having nothing to show for it. Then there are financial considerations specific to one's location. If an area has high rents, your monthly payment might be lower if you buy (provided you can pay a down payment). Personally, I would be paying at least $300-$900 more in rent if I were renting the house I bought. But if you buy, you have to factor in the cost of maintenance, which can be significant, particularly if you bought a fixer-upper. So, I think it's an individual question where each person needs to consider their specific needs and preferences. I'm also guessing that high locus of control people might prefer to buy. More easy-going types might prefer to rent. People who like to set down roots might prefer to buy, while people who like to move a lot should rent.