> the interest + property tax + upkeep + HOA fees + closing costs + etc. very often run significantly more than rent on an apartment Yes, but rental prices als

> the interest + property tax + upkeep + HOA fees + closing costs + etc. very often run significantly more than rent on an apartment Yes, but rental prices also change over time, whereas your mortgage payment doesn't (although the tax deduction falls over time, and your locality may up your property taxes, but these are fairly minor components). If you have reason to believe that rent will continue to increase (either around CPI, or in the case of the Bay Area, 10%+ per annum...), then by all means buying a house now (which produces an infinite stream of rents) allows you to profit off that view. Another way to view this is that you are acquiring an rental inflation-indexed asset and a nominal liability, so you will profit if inflation is high enough.