Or, if rents in your area go up, your landlord might ask you for hundreds more per month in rent when it's time to renew your contract.
I was renting a place for $950/month starting in 2011, then for 2012 it went up to $1,050, then for 2013 the landlord wanted $1,350/month to renew. Meanwhile home prices were still low (30% of inventory still short sales in my area) and mortgage interest rates were under 4%. No-brainer. I now pay less in principal and interest than I paid in rent, for a much larger, nicer house compared to the apartment I lived in. And my mortgage payment is never going to go up. (My property tax bill might go up, but that just means my investment is appreciating.)
I was renting a place for $950/month starting in 2011, then for 2012 it went up to $1,050, then for 2013 the landlord wanted $1,350/month to renew. Meanwhile home prices were still low (30% of inventory still short sales in my area) and mortgage interest rates were under 4%. No-brainer. I now pay less in principal and interest than I paid in rent, for a much larger, nicer house compared to the apartment I lived in. And my mortgage payment is never going to go up. (My property tax bill might go up, but that just means my investment is appreciating.)