I think 1% per year is insufficient for repairs. Even a paint job will cost more than that these days.

There's also a potential HOA fee, even in many neighborhoods with freestanding homes.

But there are tax benefits of home ownership too. The interest deduction used to very significant, although less now since they raised the standard deduction. There's also a $250K/500K non-taxable capital gains benefit when you sell a house for more than you paid.