Umm...this totally overlooks the things you mention later spending your cash on as a renter. "Things you want, furniture, cash flow, yada yada."

As a renter, you will always be paying above-market for the space in which you live, because that Landlord wants to make sure YOU pay for the repairs and upkeep; you just pay it up-front.

True that your house is a liability until it becomes an asset, so smart buyers do things like

1. Rent a room as an AirBnb to earn income, sometimes enough to cover your mortgage.

2. Use part of your home as an office, thereby writing off a significant portion of your utilities, etc. as an expense

3. Don't buy the stuff you "want" to fill your house any more than you would to fill an apartment, until you have enough savings and set-aside to pay cash.

Then, pay an extra $100 (at least) toward the principal every month, and you will find that your PMI is erased in under 2 years, your payment will always be lower than rent, and you can check how high your home equity actually soars. It's remarkable.