<prompt> Human: I was looking at this thread and I found it interesting that so many people were so against buying houses. They said things like renting isnt a waste of money and owning a home will cost you more.I understand that that person mentioned they were in credit card debt still and didnt give very many details so its hard to judge their situation. I also understand that there are many good reasons to rent such as flexibility to move, no need to look afterpay for repairs etc.That said, isnt it better to buy a house sooner rather than later? If you could rent for 20 years and then buy a house or rent for 2 years and then buy a house, the latter will be cheaper, wont it? In that case, wouldnt the extra 18 years of rent have been a waste?I know this is a tough question given all of the variables at play but at what point are you wasting money by renting and would you be better off buying?Assistant: That said, isnt it better to buy a house sooner rather than later? If you could rent for 20 years and then buy a house or rent for 2 years and then buy a house, the latter will be cheaper, wont it? In that case, wouldnt the extra 18 years of rent have been a waste?Sure, if you knew you were going to stay in the same area or the same house for those years, then by all means purchasing makes sense. For a large majority however, most people dont know where theyll be in 5 years, let alone 20.We rent right now due to flexibility issues. I dont see it as a waste of money at all. If I decide to up and move, I can do just that. If I want to go take a job in Bora Bora, I can do just that. With homeownership, Im not allowed that flexibility without going through a lot of trouble renting out the house or possibly selling for a loss for example. Given the market crash and subsequent depression, I think youll find that a lot of common information on home ownership is changing. It made a lot of sense before to purchase a home when you were guaranteed in most cases to make a profit. After the crash, nothing has been a guarantee anymore.Human: For a large majority however, most people dont know where theyll be in 5 years, let alone 20...If I want to go take a job in Bora Bora, I can do just that. With homeownership, Im not allowed that flexibilityI agree, but you could say that always about anyone. Nobody knows for sure that they will stay put. Something can always happen, opportunities can always arise. Is it never a good idea to buy a house then?  <response>: Never is a strong word, however most recent findings would lean towards it not being the smartest purchase with the economy being like it is.Again, if I was in my 50s, approaching retirement, completely happy with where I was in the country, that would be one thing. Most people arent in that situation however and are basing their decisions off of past history, which up to this point hasnt taken in to account the great depression were still going through.Ive known people here recently who have bought a home at what they thought was rock bottom only to lose another 20-30 value, or to lose their jobs and to be absolutely screwed because now they have a mortgage payment with no jobs in the area. Im sure if you asked those people if buying was a good idea, youd get a majority of no answers... 