Renting doesn’t require a down payment and rent is cheaper than a mortgage (at least in the early years of a mortgage).

All that money can be earning you a return even while you pay for living expenses. Instead of buying a 2 bedroom house for $200,000 down and $5,000 a month, I rent a 2 bedroom house for $2,500 a month.

The opportunity cost of buying would be $200k up front, plus $30k a year, plus maintenance and cap ex.

Over time, the mortgage would get cheaper relative to renting, and I may accumulate some appreciation gains, but I’ll have a long way to go to make up for decades of not having that money growing in the market instead.