Good to consider. But also worth understanding the role that paying a bank interest has in defusing the "rent money is dead money" myth. Many property markets around the world are in a bubble, again, and inversely have competitive rentals, especially after the pandemic. Owning a home, with a mortgage, incurs often far more impact from the interest to the bank than if one simply rented. Let alone maintenance, rates, etc, let alone the illiquidity. I'd rather not have a house in Lisbon as a non-national when the nation hits another crisis.

Not to challenge the great point you make about CoL, but there's so much cultural distortion around home ownership that it's almost a parody of fundamental economics.