There is a lot more to housing cost than monthly payment (for P&I), taxes and insurance. Landlords also must pay for repairs, hedge against costs to evict those who do not pay and or trash the place, pay for water, sewer, garbage disposal, lawn care, snow removal - unless the lease puts those responsibilities on the tenant. People often underestimate these other costs when buying a home and become what we used to call "house poor."

There are other good reasons to be cautious about homeownership. Typically, one must stay in a home for 5 years to break even on closing costs. Jobs typically are not that stable these days. It is often less expensive to sublet/get out of a lease than it is to find a willing, qualified buyer.