I don't completely disagree with what you've said—but I am always bothered when people say "paying rent is a waste of money." It's not. It's what people do in life so they're not living on the street when they simply cannot afford to buy a house (like many). I will gladly pay rent so that I can sleep in a bed and be comfortable—not a waste of money to me. Spending worthwhile money isn't always about having something physical to own or equity.

Buying a house when you can't afford to, only to be crippled with debt and being house poor? Now that sounds like a dumb idea—and I think far too many people do this (and buy houses beyond their financial means) and then get trapped because they're afraid to "waste money" on rent... or maybe it's part of the "dream" they've been fed their entire lives.

My point is, buying a house IS a good thing and IS something you should do—if you can TRULY afford what you buy.