Is my thinking off here? (renting vs owning situation)

[Henry17]

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Thoughts? It seems like the $20-30k per year in equity returns way more than offsets the increase in month-to-month housing costs. Also, must factor in no property taxes or maintenance costs which surely tips the scale even more in favor of renting.

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You forgot that the house also appreciates in value.

There are some cases where renting is better. I'm in such a situation because I have a very unfavourable view of the high-end condo market in my city. If you remove appreciation from the equation than it is usually better to rent otherwise owning is usually the better move.