I just wanted to weigh in and say how huge this is, not just for the question of "is buying a better deal than renting," but also to allow you flexibility in terms of job relocation and family changes.
My girlfriend and I moved to the Bay Area about 18 months after buying our first house, and were able to do so in part because the rent from our tenants (who are good friends, as well) basically covers our mortgage. Not having to feel tied down to a particular city allowed me to take a risk on an exciting new job that I probably would have passed up if relocation had involved selling our house.
I just wanted to weigh in and say how huge this is, not just for the question of "is buying a better deal than renting," but also to allow you flexibility in terms of job relocation and family changes.
My girlfriend and I moved to the Bay Area about 18 months after buying our first house, and were able to do so in part because the rent from our tenants (who are good friends, as well) basically covers our mortgage. Not having to feel tied down to a particular city allowed me to take a risk on an exciting new job that I probably would have passed up if relocation had involved selling our house.