IMO - If you're going to put down roots in a place for 10 years or more and you want the intangible benefits of ownership (making it your own space) then a house is probably ok. But don't go nuts, go for value and low maintenance. And don't expect it to make you rich. Best case scenario is you break about even.
*Don't have great data for this, but it's my best guess. The results change a lot as this number goes up or down, so take with a grain of salt.
Totally agree. When you own, you can put more heart and soul into renovating/decorating. Worthwhile if you're planning to stay there for a while. Not very worthwhile if you plan on moving around a lot.
The costs associated with buying and selling can be prohibitive. You could get a real "lemon" of a house, and (by way of example) we've owned two in a row. Our latest nightmare is a brand new condo with loads of defects from a bad build and bad HVAC and other system installs, even though the builder and developer had stellar reputations. Our nightmare before that was a gorgeous old century home with loads of oak woodwork and leaded glass, and loads of poor renovations that were hiding all kinds of nasty things behind the walls.
But when renting, you could get turfed out of a place you love, for various reasons and with varying amounts of notice depending on the jurisdiction.
The original question is interesting indeed, and I think it all depends on a huge variety of factors. There are pros and cons to both buying and renting.
The only common "con" might be shitty neighbours. But when you're renting, you're less emotionally invested and therefore more free to move.
