It should be noted that Tim wrote this near the peak of the housing bubble in Seattle (Kenmore neighborhood). The house he identified for $425k in that piece would now sell for about $300k, which puts monthly costs at about 25% more expensive than renting instead of 78% more expensive.
In a completely average, non-bubble housing market, buying (counting insurance, taxes and breaks, maintenance, etc.) is about 20% more expensive than renting in the short term, but after 5-10 years of inflation and rent increases, renting becomes more expensive. There's a definite tradeoff between short-term savings with no equity but high flexibility vs. long-term savings with equity and permanence. That tradeoff was slanted heavily in favor of renting in Kenmore, WA in 2007, but as Tim's conclusion notes, it is not always so; whatever your situation, "run the numbers ... and do what works for you."
In a completely average, non-bubble housing market, buying (counting insurance, taxes and breaks, maintenance, etc.) is about 20% more expensive than renting in the short term, but after 5-10 years of inflation and rent increases, renting becomes more expensive. There's a definite tradeoff between short-term savings with no equity but high flexibility vs. long-term savings with equity and permanence. That tradeoff was slanted heavily in favor of renting in Kenmore, WA in 2007, but as Tim's conclusion notes, it is not always so; whatever your situation, "run the numbers ... and do what works for you."