[zacwitte]

Good points. In an ideal world, the principal problem you describe should be dealt with by free market forces. I choose the apartment based on cost and quality. If the landlord uses low-quality materials or doesn't maintain the property I'm less willing to pay the high rent and might move out.

Rent's aren't completely predictable, but home ownership is far less predictable. What happens when you discover there's a leak in your roof and you need to shell out $10,000 to get it repaired? What happens when the Whole Foods moves into your neighborhood and your land values goes up so you're stuck with higher taxes, or mortgage rates go up and you have to pay a higher interest.