My point is that we can’t say “but what about the 1%!?” and end a discussion about the value of investing in buying the place you live based on that 1 counter argument. That’s how you get republicans and rampant unregulated capitalism destroying the lives of the many to benefit the few.
The vast majority of people live in or around major cities. Those aren’t going to evaporate. The kinds of towns that exist only to support a single resource like you mentioned are so few and have so small a population that you could close and relocate half of them to other towns and cities across the country without them even noticing the increase.
Unregulated capitalism places all of the power in the hands of the wealthy. Even with the amount of regulation in place, the last 4 decades has irrefutably proven that. The transfer of wealth from the bottom 95% to the top 5% has has been insane.
The only reason we need so much regulation is because people are garbage and if they can gain something for nothing, they will. You cannot consider the pure idea of capitalism without also considering the reality of human nature, that it is inherently going to create a pyramid scheme like situation where the top transfer power and wealth to themselves in the largest quantities they can, in spite of pesky things like laws and taxes.
I say 1% as hyperbole as while I can’t say what portion it is, it’s small and shouldn’t be a show stopper.
Other than in very rare circumstances, unless the govt. or your employer is paying your rent, buying should NEVER be worse than renting. The fact that more and more people don’t even have the option, even when a mortgage would actually work out way cheaper than rent, is insane. I don’t know the US market, but where I live a mortgage is cheaper or about the same as paying rent, after insurance & maintenance, basically everywhere.
Taxes on the purchase are a 1-off cost that might add up to a few month’s rent, it stings but it doesn’t change the math. Sure you have to pay interest, but at least a portion of your repayments is going permanently towards your financial future. Paying rent you may as well be handing that money your landlord and watching them burn it for all the return you would ever see from it. There’s no scenario where paying rent very long term should be better for anyone.