I'll share my example if you're curious:

I live in a MCOL area, a fairly affluent suburb 15 minutes out from Minneapolis, Minnesota. I own my house, worth about $450k, with a mortgage. My sunk costs include mortgage interest, homeowners insurance and property taxes, plus about 1% of my home value in expected annual maintenance. Those sunk costs total $1750/month (note: not including mortgage principal).

It's pretty easy to find rentals in Minnesota that are less than $1750/month. However, it would be for a much smaller place, in a less affluent area (read: worse schools), and less pet-friendly. To rent a place where I'd be allowed to keep my four cats and two large dogs, have a similar amount of space for them, and live in my same desired school district, would cost me $3000/month to rent.