Even if you don't own a home you need to continue paying rent, so in either case you can't be jobless longer than your savings allow.

Right, but if you're evicted from a rental your loss is limited to your security deposit. All past rent paid is already a sunk cost, analogous to interest on a mortgage. If you're foreclosed upon you lose any accumulated equity in the house, and have to start again from zero.

It's very similar to margin trading on a stock brokerage, except that margin accounts are generally higher interest and not tax-deductible, while getting margin-called does not affect your credit. In both cases, you forfeit accumulated wealth built up if the market moves against you.

Your security deposit is not a limit on your liability. If you cause more damage, or owe more money than your deposit covers, your landlord can sue you for the remainder and has a good chance of winning.