[McScroogy]

So why don't you buy? I am in the opposite position. I would like to buy something, but I can not find anything that would be worthwhile (mortgages lower than the rent I pay at the moment, or lower than rent I could ask for renting out).

[Sodman]

Not GP but usually the big reason for not buying is that you either need a large amount down (20% in my market, or 10% + additional monthly "Mortgage Insurance" payments until you hit 23% ownership). Average home price in the "Greater Area" around the city (meaning you might still not live close enough to be able to use public transit) is currently ~$665,000 according to Zillow, which means you need to come up with ideally ~$133,000 to put 20% down, or ~$66,000 and pay a premium on top of your mortgage. Either way, this huge down-payment is in addition to the ~7-15k in closing costs you'll be paying. Even then, you're bidding against cash buyers who are willing to waive inspection, so good luck.

$70k-150k up-front isn't easy to save up for even above-average earners (remember, these are average home prices, not luxury homes), so anyone earning average or below is forced into either renting forever, or moving to another town.