I wouldn't say that it's dumb, but look at it this way: Let's say your rent is $1,000 a month. That's $12,000 a year. Let's say you've got a $1,000 mortgage payment instead. The difference is that one day, you'll actually own the place, so your money isn't just going to put a landlord's kids through college. If you prefer living in an apartment, that's fine. But buy a condo or a co-op. Renting for the rest of your life is definitely a dumb decision when you could own your own apartment. Then, when the mortgage is paid off, you won't have any other payments besides utilities and maintenance. If you wanted to sell the place and move, you could. Renting sucks because it's just money you'll never see again. If you don't want a yard, you don't need to have one. If you buy a condo or a co-op, the building will have someone on hand to take care of issues. You don't want to grow old renting. Plus, there's always the possibility that you might have to move. But not when you own the place.