Earlier quoted context omitted.
> waste money on renting How is renting wasting money? Are you not living in the unit? You're gaining 100% benefit by paying rent and receiving a roof over your head. You must mean a waste by losing out on building equity? That's a crap shoot in itself. A hot housing market and equity can go into the toilet at anytime due to very irrational market conditions. Look at the housing markets of Las Vegas or Miami for exam…
In European cities like London, Paris or Zurich, the supply of housing is so constrained that, barring something catastrophic like a war or a global financial crisis, prices will never drop that much for that long. In fact, it's quite a big economic problem — there's little reason for the majority of people to put their savings into anything other than property, because it tends to be so reliable. And somewhere like…
In the short term, the renter makes out, because the owner has to assume taxes and maintenance, but over the long term, the existing mortgage doesn't increase while rent does and the property owner starts to cover those costs and then starts to make money off of the property. Once the mortgage is paid off, the rental money is pure profit.