Reply #6: And of course

[dmallind]

landlords don't pay mortgages and (in many states higher than occupiers) property taxes and insurance, and even if they do the kind hearted philanthropists never ever pass on those costs to renters, or roll in expected maintenance. And landlords never evict nonpaying tenants! The only real advantage in this list is that of immediate guaranteed flexibility to move on only the required days notice, but even there that is very very often limited by a lease. I can sell my house when I choose - and horror stories aside for the right price (which is by definition the price I would pay to buy a comparable home in the same market) it will sell in less time than a typical 12 month or even 6 month lease. Even that advantage depends on having an amenable landlord who will accept month to month agreements.

In return however NO rented property appreciates for the renter. Housing bubble or not homeowners at least have that chance.

Unless you are foolish enough to have an ARM when the last decade has seen historically low interest rates for mortgages, a homeowner will not see his monthly payment increase. A renter is at the mercy of a landlord's ability to increase prices either at will or after each lease is up.

The tax benefit of that interest and property tax payment accrues to the landlord, not the renter.

Nobody can tell the homeowner whether they can have a dog or not - try renting with a 75lb pooch(I suppose this does apply to some condos, but not single family homes or even most attached homes).

A homeowner can paint his walls whatever color he likes and change whatever fixtures and fittings he doesn't like - most renters take what's there and lump it.

You can buy an equivalent property cheaper than you can rent it in most markets - certainly all I've lived in which is up to 7 states now. I actually considered renting in my new home area for six months until the wife moves here after the kid's graduation. I can cover two mortgages though and when I priced the options I'm glad I could and did - because a home I close on next month that will cost me $1600 a month almost all tax deductible would rent out for about $2300 with very little deductible.