If you look at it from a purely financial perspective, setting aside home prices and location, yes buying makes the most sense. You accumulate equity and someday you may pay off your mortgage, though I know few people that actually have.

I also read that you shouldn't even consider a home unless you are going to live there for at least 10 years. Yes, most of our parents still live in the houses they bought in the 60's and the 70's, but just like no one stays at the same job for 30 years anymore, few people are going to stay in the first house they buy.

Moving on to practical reasons, I've always been a renter because, as stated in this article, it's much easier to pick up and move if you want to or have to.

Second, since I live in Chicago proper, very few people I know own an actual house. In the city, people buy lofts, condos, townhouses, and duplexes. If you have a yard it is generally shared with other people. To afford a standalone house in the city you are looking at a substantial investment.

The 1,200 square foot condo I am currently renting last sold for $420,000. Yes, you read that right - $420,000. Do you really want to spend that much money for a place the size of the average Chicago apartment? Probably not. You are paying for the privilege of living in the city, and you are paying dearly.

This is why when people get married and have kids they invariably move to the suburbs. And since housing prices have gone up 30% in the last two years, buying now is simply not practical for most people.