as a counter to that, in third world countries, rent is often a way better deal all round, so if you're not hung up on home ownership, you can get by pretty well for less.
This is most certainly not true. I don't deny there will be shitty houses for a drop-dead rents, but you can also get a fairly luxurious rentals in Mumbai and Bangalore, at least (I don't have personal experience with other cities).