INFLATION. PERIOD.
This is such debated topic when home prices are through the roof (no pun intended). I get the perspective of renting a place while the market cools. But my issue with this is that the market may not cool. It may go up or stay the same. Secondly, rent paid is money you'll NEVER get back. And rents are expected to increase 4-5% each year. Mortgage paid, if you hold on the property, is money you'll get back in the form of equity when you sell at the right time. And a 30 year fixed loan during inflation times? No brainer.
But did you know that homeowners have on average at least 50,000 in wealth equity in Los Angeles, while renters have about $600.00?
And here's the other kicker. Anyone who has bought a detached house in LA in the past 12 years is sitting on at least 20% equity. This is the average percentage of increased value since COVID. Crazy.
And don't forget, you don't have to be responsible for the entire mortgage. There's also the hybrid argument. You can rent a place, but still buy an investment property to rent out to someone else who will pay for half your mortgage!
REMEMBER, there's never a bad time to buy real estate, only a bad time to sell.