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Yes, but the renter's balance is higher than the future value of the owner's house (which the renter could then buy in cash and still have money left over).

One thing that was ignored is the increase in rent over time. By year 30, the monthly rent will probably be higher than the mortgage payment (in the calculation, we assumed fixed rent over 30 years).

The real advantage to renting is it reduces the cost to move. Try running the numbers assuming you move every 3 to 7 years costing you 4% of the value of your home and see how the numbers look.

I think the main consideration when talking about renting or buying is the time involved. In Texas, I've found that if you're going to live somewhere for at least 2 years (or so, depending on the market), and you set out to find a particular standard of housing (i.e., fix the square footage, etc), it's cheaper to buy. Under three years, unless you find a good deal, it's probably cheaper to rent.