Rent vs. Own - How do they differ financially in Bellingham, WA?

There are multiple metrics to understand and remember about owning versus renting, but this one is a biggie:

When you rent, the amount you pay can and will go up every year -- even if it's rent controlled.

When you own, your mortgage principal and interest (P&I) payment is fixed for 30 years.

Let's take that $2200/month rental as an example, and let's say my mortgage P&I payment on that building is also $2200/month.

If I kept the same tenant for the next 25 years (Hey, it absolutely happens!) and increase their rent by a modest 5% per year...25 years from now they'll be paying $7450/month.

But my P&I payment, 25 years from now, will still be $2200 a month (and for 5 more years after that, until it's paid in full and my payments stop completely).

That is a major reason why owners have roughly 40X the net worth of renters, as reported by the Federal Reserve Survey of Consumer Finances.