<prompt> Human: One thing I see over and over again on this sub is people thinking they need to buy a house because they are wasting money on rent. This is a fallacy and not the right way to think about rent. As human beings, there are several things we need to survive, including food and shelter. Paying money for rent is no more a waste of money than paying for food is. While it is true that when you buy a home a portion of your monthly mortgage payment will be going to principal, and therefore you are paying yourself in some ways, however, the cost of home ownership is significant. Some of the lesser known costs include the lack of flexibility, stress, the risk of home price declines, home maintenance, real estate taxes, and HOA fees. I recommend looking at the following calculator for a better idea of the true cost of home ownership. Also keep in mind that this does not account for opportunity cost of being able to move i.e. you find a job in another state that you cant take because youre underwater on your home or the burdensome costs to move closing costs.Edit: I think too many people in this thread are reading this post as saying that home ownership is bad. That is not at all the point. In many situations, owning a home is absolutely preferable financially to renting. The point is that a home is likely the most expensive thing you will ever buy; it is not a decision to be rushed into simply because you are wasting money on rent. It is not a waste of money to rent until you have the stability necessary in your life to make the decision to buy a home. There are even some markets or situations where it may never make sense to own a home, and that is okay.  <response>: Also good to remember that the benefits and costs of renting vs owning vary wildly by where you live. 