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Why Mortgage Payments Should Be Lower Than Rents

If there is no bubble (meaning a house will appreciate at the rate of inflation minus about 0.7% a year because it is getting older!!!),
it makes sense to buy a house only if the present value of the cash flow going out as mortgage+taxes+insuran... is less than the present value of rent, plus the benefit that when you rent you are not tied down.

So, the market is starting to become rational in some places? what's strange about it?