The article does not really explain what it means for it to be "cheaper" to rent than to buy here. Do they mean mortgage payment + taxes is higher than rent? Or do they mean that mortgage payment + taxes - equity is higher than rent?
It seems like accurately assessing the true cost of owning a home is complicated, to say the least, and it might not be terribly easy to compare it to rental costs across the whole country like this...
Never, ever buy housing that is not intended to be one's retirement or vacation residence if you can't easily switch jobs without switching houses. It can be very hard having to find both a new job and deal with property that's in the wrong place... Especially if it's a down market.
People compare renting an apartment to buying a house. That’s apples to oranges. Renting an apt can definitely help to build wealth as compared to sinking expenses into a house. Buying an apartment would be a fair comparison.
