I own a condo too. And if I move I probably won't sell it, but rather rent it out until I move back (while living in a rented place of my own). Individual home ownership is not a problem, it should be encouraged. The problem is people (and REITs) who lever up with a bunch of properties to be fed half of people's paycheck in the manner described.
I will nitpick and say that paying your mortgage is not a cost. That is equity you're getting.
I will nitpick and say that paying your mortgage is not a cost. That is equity you're getting.