So I have experience with working for an apartment company and have seen the prices steadily increasing over time and because of my past experience I probably pay more attention to costs of rent more than the average person. While regularly checking out apartment prices near me over the years I can say that they have absolutely been increasing quite a significant amount which is a big reason I think people are afraid to stick with renting.
I think a lot of people jump the shark a little bit into buying a home because when the banks come by and lay out some numbers in front of you for a 30 year loan, the actual price that you are paying a month very well might be comparable or even lower than some apartments and this is enough for them to sign the papers.
While this is sometimes true, most people don’t do the math on the actual interest they are going to be paying on if they just make the minimum payments and after these numbers are actually written out, the appeal factor seems to decrease quite a bit.
So at the end of the 30 years if everything went perfectly as planned, you might be able to make your money back on your house if you are extremely lucky. But none of this considers the fact that you have probably poured thousands of dollars into your house which would never have been spent if you rented.
There are a lot of factors to consider in regards to buying a house and they should all be examined carefully.