I don't know if any of the home owners/soon to be home owners have mentioned the biggest downside to owning a home...the fact that every single thing that goes wrong with the house is now on YOU? Want to take that trip to Mid-Ohio this year? Oh damn...one of the upstairs windows sprung a leak, gotta fix it. Found a killer deal on some new wheels? Forget about it...water heater took a s***, need a new one. Down payment on a new car? Uh oh...city stopped by, said they have to rip up your front yard and replace some pipes, gonna cost you your down payment. (that one might be extreme, but you know what I mean. Ask Larry how much it was to replace his main water line to his house and whack the tree down that messed it up in the first place!)
I know you get a home inspection, so you know what's wrong with the house, and blah blah blah, but that doesn't mean s***'s not gonna hit the fan at any given point in time. Especially after you watch some of these HGTV shows, where they flip a foreclosure or some other giant remodel...it's amazing how much hidden crap can be wrong with a house! Holmes on Homes will show you that, not all home inspectors know what they're talking about! Hell, my brother bought his house brand-spanking new 7 years ago, and he's already had to replace the water heater and refrigerator (no fault of his), and the place needs new carpet, paint, and drywall work around the windows from his giant German Shepherd (fault of his, but still stuff to think about and stuff that could cost you if you have pets)
Don't get me wrong, I hate renting as much as you guys, but just because you're "building equity for the same amount as you were paying rent" doesn't mean home ownership is all peaches and cream. Knowing you're 100% on your own for ANY and EVERY thing with your home is a pretty scary thought, and often what keeps people renting. Sometimes renting just works better for a person's situation too, I know we'll be renting for at least a few more years. We could probably get away with a cheaper starter home right now for like, 5-10yrs, but we're just gonna hold off a little longer so we can just move right up to our dream home after I get all certified as a controller.