I'm curious if anyone rented forever and did the calculation on how much more they saved renting? And if they saved the difference between a mortgage and rent? And if they invested the down payment and how the numbers all worked out after say 30 years
The difficulty with any of these calculations is it depends on so many things. The biggest two being where you live, and what investment returns are. You could do that for the previous 30 years. But as we know, past returns do not predict future results. And real estate returns are just as difficult to predict as the stock market.
It also depends on how often you expect to move. I would rent forever if I thought I was going to move every year or two. I would only buy a place if I expected to be in it long enough to cover the transaction costs. Last I read, the typical break even time was around 3-6 years. But that could change, and probably varies.
Where we live, it is currently cheaper to buy a house than to rent a similar house/apartment/condo. But that might not be the same in other parts of the country, and, it could change.
Both of my kids recently bought a house. One bought for lifestyle reasons. There was nothing to rent that they liked. Their current monthly payment went up. The other bought for financial reasons, buying a house was cheaper than renting an apartment. Their current monthly payment went down.
I think both recognized the secret to buying a home. If you stay in it long enough, the mortgage will be paid off. Then your costs will go down. In the mean time, your home investment is leveraged, and you have a place to live.
I've looked at many 30 year calculators. My guess is that they are all wrong, but still useful.