You might have a house at the end of the mortgage. You’ll definitely have the land, but the house and its paint only grow older, its plumbing and utilities more dated, and its interior design antiquated. Upkeep of an owner-occupied home comes with a lot of “weekend projects” that would otherwise be the responsibility of the landlord when renting. For those able and willing, that’s fine. But it’s not for everyone, and all should enter homeownership fully informed.

To be clear, I do think homeowner should be a realistic prospect for most people, but the notion that paying rent is equivalent to throwing it down the drain requires falsely assuming that one’s time is low-value, that homes aren’t depreciating assets, and that all land becomes more desirable and thus appreciates over time. Many communities in the Rust Belt, USA demonstrate the latter point.