It largely depends on the market you're in and timing. In SF Bay, things are extremely skewed toward renting right now because so many people are sitting on houses benefiting from ZIRP and locked-in prop taxes. It's probably 50-70% cheaper to rent on per month, even considering building equity. We own and are looking to rent a bigger place because it's much, much cheaper. I'm surprised more people aren't talking about how incredibly skewed things have gotten. The problem is there's a lot of "high-end" rental stock in our area, but it tends to be outdated.
NYTimes has an excellent calculator for informing your own rent-vs-buy decision based on factors like rent, purchase price, marginal tax rate, interest rate, etc.
NYTimes has an excellent calculator for informing your own rent-vs-buy decision based on factors like rent, purchase price, marginal tax rate, interest rate, etc.
edit: adding link - https://www.nytimes.com/interactive/2024/upshot/buy-rent-cal...