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I rent a house for $4600/mo. To buy this same house in the same neighborhood, it would be roughly $1.6m, tho prices are starting to fall a little on these higher cost neighborhoods, so let's say $1.5m for a deal.
With a 20% down-payment on a 30 year fixed rate loan, it would be close to $10000/mo (including insurance and property taxes).
Also, the lions share of your mortgage goes to paying down interest for the first decade or so.
So let's say $1k goes to principle per month. You're still burning twice as much money owning as renting.
The only financial upside is that you may be able to sell for more than you paid. Minus Realtor fees, whatever renovations / maintenance you made over the years, etc.
The current market is insane.
Edit - so I'm not talking in complete generalities, I glanced at the interest/principal ratio. No idea how accurate this is.
https://www.americanfinancing.net/mortgage-basics/mortgage-payment-explained
I don't know what the ratio is in the first year, maybe 100% interest?
So at a monthly payment of $9800, $7864 of which is towards mortgage, that's $2437 / mo towards principal from years 2-9.
So essentially you're burning $7363 instead of $4600 for the hope that your house increases in value when you sell it.
Fiscally speaking. There are a lot of other pros and cons to owning.