That makes perfect sense. But outside of a rent-controlled situation I've watched rents rise over the past 50 years and keep pace with the cost of a mortage. I prefer to lock in my housing cost at one point and keep it as the prices rise around me. But I've been in the same house for 36 years. Home owenship is not a good short term proposition. Never at the time of a purchase has housing seemed cheap in relation to my income, rather it's always a stretch that becomes more comfortable over time.