According to the person in this video (at about 10:10) from the economist, the evidence shows that long run cost of owning and renting homes are approximately same.
The video itself tries to explain it in the minute before that person speaks about the evidence showing this, but I dont understand the explanation.
The video says that this is because home buyers have to make mortgage payments which include interest and maintenance costs such as insurance, repairs and so on.
But I still don't understand their explanation because when people rent they have to make rent payments forever and they never get the house. However, when people buy house they have to make mortgage payements maybe for 30-40 years and after that the home is theirs and now they only need to make the upkeep cost which I always thought are small (but I am not a home owner so I dont know that for sure). So how come the evidence shows that they are roughly equal? Or is the video incorrect?