You are correct. There are a lot of factors that can change the calculus. Buying is not always for everyone. People who move a lot where fees can eat up any

You are correct. There are a lot of factors that can change the calculus. Buying is not always for everyone. People who move a lot where fees can eat up any benefits. Or people who do not have down payments or other cash flow problems (which can be a pretty effective market moat). Rent, though, is often pretty comparable to a mortgage + taxes. In my area rent is substantially more for the same house. So, liquidity is an important factor, no doubt about it. But I think one would be hard pressed to make a consistent investment profit that would make up for your 100% loss in rent compared to purchasing all other things being equal.