Comment by MikeTheRocker

On timescales less than a decade or so, this idea that rent is "money sent down the drain" is often inaccurate in certain VHCOL markets like the San Francisco Bay Area. Rent typically costs much less than a mortgage payment, and the numbers work out that investing what you save by renting puts you ahead. This is a major reason I've stayed a renter even though I think my quality of life would be higher as a homeowner.