One paper from 2011? That's all you got? Seriously? A paper written shortly after the foreclosure crisis got into full swing proves nothing. What would happiness levels show in 2020 for apartment dwellers trapped in their hovels vs. suburban homeowners sipping cocktails in our backyards? Also, think about your math a little. If you own 5% of your home, your DOWNSIDE is pretty strongly limited. You could always walk away & let it go into foreclosure if you honestly thought renting was better. You don't, because it isn't.