I agree with this, but there's also the psychological impact of being able to easily move when you get a new job or when your state government allows agriculture/industry to poison your water or whatever the case may be. You may also buy a property only to find out you have a certifiably insane neighbor and you can't easily move out because said neighbor has created a dispute that requires disclosure to prospective buyers and you are under water (as is the case for a friend of mine). While this is admittedly a niche case, there are millions of such things that can happen where you are suddenly under water (including a mortgage crisis) and flexibility becomes an advantage. I don't think there's a clear psychological winner between renting and buying.