It might be better for that one individual who purchased for themselves, but the people who can afford to buy is a much smaller group than those who can afford to rent. A healthy housing market has a good mix of both, because even if everyone who wants to own does, there will still be plenty of people who want to rent too. Whether it’s because they aren’t planning on staying more than a few years, or simply because they don’t want to have to deal with the tribulations of home ownership of which there are many.