Talked to a mortgage lender Thursday afternoon...

[JohnFKennedy]

Despite the last few years, the historical real rate of return on houses is close to 0%. If you want to buy a house, then by all means do so, but aknowledge you're spending money in a luxury good, not "investing".

Cite?

Even if the total money spent on a house (including maintenance) is equal to the amount earned through its sale, that is still a comparatively better rate of return than one accrued from renting where the amount you spend on rent is never recouped.

[Bono]

Despite the last few years, the historical real rate of return on houses is close to 0%. If you want to buy a house, then by all means do so, but aknowledge you're spending money in a luxury good, not "investing".

Cite?

Even if the total money spent on a house (including maintenance) is equal to the amount earned through its sale, that is still a comparatively better rate of return than one accrued from renting where the amount you spend on rent is never recouped.

Cite.

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Also, when you're renting, you don't have to spend money on maintenance.

Besides, there are many inconveniences associated with buying, such as tying yourself to a place, being highly subject to neighborhood environment fluctuations, and also ending up wasting money because most houses for sale today, especially in the United States, are designed for ostentation rather than any sense of practical living.

[JohnFKennedy]

Okay, but as I said, you still end up financially better off than if you had rented as you never recoup the money you spend on rent.

As to the inconveniences associated with renting, those depend massively on what you're looking for. If you intend to live in the same city for many years - as many people often do - then the inconvenience of being tied to the place is not that great. Further to that, it is of course possible to move, rent out your own home and rent yourself in the place you are moving to. Whether houses have been designed for 'practical living' is a bit of a peculiar question don't you think? Is there really a definition of what practical living is? What is practical for one person may be highly impractical for another and what is seen as ostentation to one may be seen as practical and useful to others. Aesthetics are, of course, part of one's life too; not everyone wishes to live an ascetic life.

[opebo]

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Oh wait a minute, so this means that being a landlording is a money-losing proposition?

[Small Business Owner of Any Repute]

Your story leaves several things missing.

1: You left out your social security number.
2: I could not find your bank account and routing numbers anywhere.

[Bono]

Okay, but as I said, you still end up financially better off than if you had rented as you never recoup the money you spend on rent.

That is not clear when you factor in maintenance expenditures and the fact that rent is usually cheaper than the monthly installments of a loan--otherwise, you know, no one would rent. But even granting that, you end up with a lot of money on the form of a house. What are you going to do with it, sell it and then spend the money on renting another place to live? How does this make you better off enough to compensate for the opportunity cost?

As to the inconveniences associated with renting, those depend massively on what you're looking for. If you intend to live in the same city for many years - as many people often do - then the inconvenience of being tied to the place is not that great. Further to that, it is of course possible to move, rent out your own home and rent yourself in the place you are moving to. Whether houses have been designed for 'practical living' is a bit of a peculiar question don't you think? Is there really a definition of what practical living is? What is practical for one person may be highly impractical for another and what is seen as ostentation to one may be seen as practical and useful to others. Aesthetics are, of course, part of one's life too; not everyone wishes to live an ascetic life.

Many people do intend to do that, but in today's world wanting it is no guarantee that they'll be able to.

And anyway, the ostentation aspect is admittedly subjective. Like I said, as long as you acknowledge that a house is a luxury good, not an investment, there is nothing wrong on spending money in a better/bigger/fancier house if it makes you happy.

[Joe Biden 2020]

I've just started receiving price listings on homes in the Midwest City/Choctaw, OK area.  Again, I can't buy for at least 7 months, but I'm going to get an idea of what I'm looking at in terms of prices on a home.  I'll be in a better position when and if I actually start taking tours and start looking to close on a home, which if I do will be in late October/November time frame.