Repair costs, local relative cost housing vs rent costs are both excellent points. Regarding down payment, that is still something you could likely recoup, and

Repair costs, local relative cost housing vs rent costs are both excellent points. Regarding down payment, that is still something you could likely recoup, and putting it in an index fund isn't necessarily more stable (especially over a 12 month period). Except for the very expensive markets like downtown NY or Silicon Valley, making 150k/year should be enough to finance a house (especially considering in those expensive markets rent is also very expensive). When you rent you're essentially paying someone else's mortgage with repairs priced in (mortgage is often less than renting). Repair, relative local markets, and interest rates are all very relevant reasons that renting may be better.