That's not really a difference between owning and renting. It's a difference between having assets and not having assets. If you remove the hidden variable, it

That's not really a difference between owning and renting. It's a difference between having assets and not having assets. If you remove the hidden variable, it probably tilts in favor of the renter. Someone who rents and has, say, $100k in the stock market or bonds is arguably in a better position than someone with a $100k house. The renter can much more easily move to a new location to get a better job. Plus, they can afford to eat and pay other expenses while doing so. You can't eat a house.