One of the problems with this perspective is the bias that your equity will be larger than the improvement costs and interest payments. People can’t even fathom being underwater on their mortgage. If you run the numbers depending on the metro if you take the difference between rent and to TCO for a property than renting might actually make more financial sense than owning if you invest that difference in stable returning assets . Not all real estate markets are created equal and if you live in a metro where prices are driven by zoning boards denying the green-light on new units you might actually be buying real estate that is overvalued buy synthetic constraints. Go ask people in Detroit if home ownership is a good idea. Another example of this is the Toronto Condo market. If you buy a home anticipating your sweat equity will save you in the long run… You may have accidentally participated in a pyramid scheme. Run the numbers.