I think all the people comparing this to buying house are kind of off base (though maybe less so in the Bay Area).
In most of the USA housing is a choice between spending $500 to $1500 a month and building equity or spending the same amount while not building equity. Obviously building equity is typically better even at a loss than spending the same amount for nothing assuming you don't plan to move frequently, etc.
This is in no way, shape, or form comparable to a couch. A shelter must be had. A couch is 100% a luxury, and there are loads of substitute goods, like bean bag chairs, or just plain cushions on the floor. Not to mention that all of them are mostly worthless used (unlike a house).
In most of the USA housing is a choice between spending $500 to $1500 a month and building equity or spending the same amount while not building equity. Obviously building equity is typically better even at a loss than spending the same amount for nothing assuming you don't plan to move frequently, etc.
This is in no way, shape, or form comparable to a couch. A shelter must be had. A couch is 100% a luxury, and there are loads of substitute goods, like bean bag chairs, or just plain cushions on the floor. Not to mention that all of them are mostly worthless used (unlike a house).