"Rent money is dead money" is the line everyone grows up with, but it's not that simple. Buying has its own big costs that don't build any equity either. What counts is your total net worth in each scenario after several years, not rent versus mortgage.
The costs people forget on the buying side
A mortgage repayment isn't the whole cost of owning. A few big ones sit either side of it and rarely make it into the back-of-envelope version:
The cost people forget on the renting side
The renter's hidden advantage is the deposit they didn't spend. A buyer sinks, say, $140,000 plus costs into a house; a renter can invest that money instead, plus any month where renting is cheaper than owning.
Over years, invested and compounding, that pot is real wealth, and it's the thing a naïve "rent is dead money" comparison ignores.
The number that flips the answer
Two levers decide it: how long you'll stay, and whether property grows faster than your investments would.
Buying needs time to earn back those big upfront costs. Sell after 2-3 years and you often come out behind. Stay 10+ years and rising property value plus a shrinking loan usually pull ahead.
If you assume house prices grow faster than your investments would, buying wins sooner. Flip that assumption and renting-and-investing can win instead.
What the numbers can't price
Owning buys you security and the freedom to renovate. Renting hands you flexibility, and none of the maintenance bills or rate stress. The financial comparison is only half the decision, but it's the half most people guess at instead of working out.
The bottom line
Neither side is automatically "dead money": buying carries costs that don't build equity either, and renting carries an opportunity most people never invest. Run the actual numbers for your price, deposit, rent and how long you'd stay, and let the break-even year, not the slogan, decide.
Put in your price, deposit, rent and how long you'd stay, and it builds both net-worth paths and shows the break-even year.
General information only, not financial advice. Figures are illustrative and won't match your own circumstances; check current rates and costs before deciding.