In a market with rapidly escalating home prices, assuming you're interested in living in the same area for a long time (>5 years probably, depends) buying a house can be a good bit of a hedge against real estate inflation. Home prices going up (usually) drive up apartment prices. My mortgage won't change, maintenance costs won't change, property taxes might. But if my property taxes go up, you can bet rent prices are going to go up by at least that much, probably more. How many apartment complexes rent 5 year leases?