Why buy when renting is less expensive?

In the long run, buying a home has always been a better deal than renting. Here is why...

If you rent and pay $850 per month for 10 years:
You spend $102,000
You get $0 equity

If you buy and pay $850 per month for 10 years:
You spend $102,000
You get $88,541 total equity

And while it is typical for rent to increase each year, with a fixed-rate mortgage you know what your home payment is going to be for the next 30 years.