Historically the breakeven point is 5-7 years. It changes though: it can go down to 3 years if property values are rising quickly, and can go up to 10 years if property values tank right after you purchase.
In our current high-inflation environment it makes a little more sense than usual to borrow money and sink that money into an appreciating asset, which is why there's still such strong demand for homes despite the higher interest rates. In a high inflation environment, rents go up, home values go up, salaries go up, but mortgage amounts do not.
The advice remains the same. If you know you're going to stay in the same spot for a decade (if you have young children for example) you should probably buy a spot if you can afford it. If you know you're definitely going to move in less than 5 years you should probably rent. If you're somewhere in between, you should make the decision that's best for you. There are non-financial advantages to owning a home and non-financial advantages to renting.
In our current high-inflation environment it makes a little more sense than usual to borrow money and sink that money into an appreciating asset, which is why there's still such strong demand for homes despite the higher interest rates. In a high inflation environment, rents go up, home values go up, salaries go up, but mortgage amounts do not.
The advice remains the same. If you know you're going to stay in the same spot for a decade (if you have young children for example) you should probably buy a spot if you can afford it. If you know you're definitely going to move in less than 5 years you should probably rent. If you're somewhere in between, you should make the decision that's best for you. There are non-financial advantages to owning a home and non-financial advantages to renting.