Nobody wants to rent for the rest of their life, but buying a home isn't easy these days. Everyone who didn't buy one in 2021 really regrets it, and everyone who did is holding on for dear life at a 3% interest rate.
I have no idea when I'll buy a home. I would like to do it before I'm 40, but I honestly don't know how the next 10 years will shake out for me. Will I be living in NYC for the next 10 years? Will I find a rent-stabilized apartment that lets me save hundreds of dollars a month that I would've been paying in rent? Will I win $100 million in the lottery and retire young? Literally anything is possible, and I don't want to make big decisions right now for a life that could look completely different in five years' time.
If you don't live in one of the highest cost-of-living locations in the United States, and you plan on staying there long term, it's kind of a no-brainer to buy a house. Buying a house allows you to pay yourself instead of sending a huge chunk of your paycheck to somebody else every month. You feel more stable with a home of your own, instead of having to move every 2-3 years because your rent gets too high. At the same time, homeownership has many downsides. There is no guarantee that your house is going to drastically increase in value during the time that you own it. You have to pay for everything your landlord used to pay for, and many people are unwilling to do that.
The hardest part about becoming a homeowner is the barrier to entry. You have to qualify for a mortgage and save enough for a down payment, and many people can't do that because of their financial situation. If you're living paycheck to paycheck, paying off student loans, and can barely afford to have any fun, your #1 priority probably is not saving a bunch of cash for a down payment. Homeownership isn't the best option for people who are just trying to survive.
Even though I'm not at the stage of life where I'm considering buying a house, that doesn't stop me from looking at the worst $300K co-ops in NYC and asking myself, "What if?" It's fun to fantasize about buying a house, even when you know it's out of your reach. Real estate memes are perfect for everyone, from real estate agents to desperate people trying to sell their house for 100 days, or doomers who don't think they'll ever buy a house.