re: What's your opinion of people who are underwater on their mortgages?

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You pay so much in mortgage interest . Not to mention property taxes, homeowners insurance, maintenance, etc.

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You pay all of this when you rent as well. It's not like your landlord is doing it to give you a break and he just eats these costs. He prices his rent to cover everything you just mentioned. Except most of it is higher because it's not considered his primary residence. Add to that the profit he is looking to make and you are in the hole more for rent than buying every time.

Now, I'm not saying renting is always the wrong option. Depending on your requirement to move quickly, high quantity of other debt, or other circumstances like that, then it may be smarter to rent. But from a purely financial standpoint, you cannot say that renting is cheaper because you don't have to pay for x,y,&z as a tenant.