I agree a house is a lot lock in, but there are many other nuanced pros and cons to home ownership.
- Homeowners can modify their dwelling. Renovations, painting, etc.
- Banks lend millions of dollars to ordinary people through mortgages. Subsequent loans can also be taken out against existing properties. This enables enormous leverage, with commensurate risk. A good way to get rich (or lose it all).
- Homeowners can be confident in their cost of living staying static long term, whereas rent typically increases every year. Decades later this can mean an initially pricey mortgage payment looks cheap compared to renting.
- Renters have the risk of being forced to move at the whim the landlord. Usually there are some protections like minimum notice periods and laws against arbitrary evictions, but there's always some chance whereas homeowners can stay put for generations provided they pay their continue to pay their mortgage and property taxes.
- Homeowners can modify their dwelling. Renovations, painting, etc.
- Banks lend millions of dollars to ordinary people through mortgages. Subsequent loans can also be taken out against existing properties. This enables enormous leverage, with commensurate risk. A good way to get rich (or lose it all).
- Homeowners can be confident in their cost of living staying static long term, whereas rent typically increases every year. Decades later this can mean an initially pricey mortgage payment looks cheap compared to renting.
- Renters have the risk of being forced to move at the whim the landlord. Usually there are some protections like minimum notice periods and laws against arbitrary evictions, but there's always some chance whereas homeowners can stay put for generations provided they pay their continue to pay their mortgage and property taxes.