Conventional wisdom is just that... a convention. Each region of the country has different real estate markets with different cost dynamics. This buy-rent article merely proves that you have to do the math yourself.
I currently live near the Twin Cities, Minneapolis-St. Paul, which has one of the costlier rental markets for low end apartments. The cheapest apartments you can rent cost more per month than my mortgage. Annual property taxes where I live are under one percent of the cost of my home. The author of the buy-rent piece makes assumptions that do not apply to my region of the country.
Each region of the country has different real estate markets with different cost dynamics.
RE is once again all about location. In my area taxes are very low for owner occupied housing (they give a discount to owner occupied and gouge 4-5x the second home/rental properties to make up the difference). Rents in similar areas are very expensive comparatively. Buying makes sense if you plan to stay in the area for more than a few years.
I also fully appreciate that this situation isn't true everywhere.
I also live in the twin cities and the rent to mortgage ratio for single family homes is heavily slanted toward high rents. So we just bought a place for 1200/mo that we are renting for 1500 a month, and we live elsewhere. It's a great market if you can buy right now.
I currently live near the Twin Cities, Minneapolis-St. Paul, which has one of the costlier rental markets for low end apartments. The cheapest apartments you can rent cost more per month than my mortgage. Annual property taxes where I live are under one percent of the cost of my home. The author of the buy-rent piece makes assumptions that do not apply to my region of the country.