Old "wisdom" is a hard thing to drop when it's no longer true. Buying(renting from the bank and the government) is a luxurious option that you pay dearly for. The pluses are obvious. You can make any changes your landlords(again government and bank) will approve and you can own as many pets as you want. It's also more difficult for the neighbors to force you to move. If that's what you're after, buying is worth the payment. Renting is a wonderful option if you don't mind moving often and the pet thing. I don't like the idea that someone always has a right to enter my home. I have friends living much cheaper than my very average house payment and they have swimming pools, club houses, gyms, etc. They have no worries about maintenance, no lawn care to do, no huge honey-do list. Money down the drain? I don't think so. My idea 20 years ago was socially unacceptable, some considered it a disgrace. I bought a mobile home new for $18k. It would have been long paid for by now. I just wanted to finance land. Then you're not in debt for the exception of the land which is easily sold. Buying a house is easily the worst financial mistake I've ever made. I remember being sick to my stomach when I signed the papers and the happy sellers, lawyers and real estate agents wondering what in the hell was wrong with me. 11 years after buying my home, taxes and insurance have upped the payment $210 higher than the original payment. Houses nearly identical are selling for not much more than what I paid for mine. The market is not going to swing back and make up for it. I would be a fool to stand and tell a person to buy so they can do the same. Those who are are just to stubborn to realize what a mistake they've made. A house is not an investment. The sooner Americans get that out of their head the better their finances will be. A house is a place to live. A wise person will only buy what they need to fulfill their need for a place to live. Never let someone else convince you what your needs are. If you have no morals, here's the real genius plan that many missed out on. Thanks to the current administration, you may not be to late though. Buy a McMansion for way more than it's actually worth. If you make 70k, buy about a $400k house on a balloon payment. When that balloon pops, just don't pay. Stay in the house rent free for a year or more and bank the cash. While you're doing all of this, jack your credit card to the hilt. When this is over it could be 6 months or more before they let you get another card. If you have a wife, you can count on her bailing and finding a fresh sucker with good credit when this is over too, just letting you know, whether you care or not is optional. If you can get into another house before you declare bankruptcy on all of this, by all means do so. You'll get to keep it in the bankruptcy. Same goes for cars and bikes. If you can make the payments, you can keep them. After all of this is done, wait a few years and repeat.