Hi Spencer, Great points. First, on the farm piece, Absolutely that is a whole other kettle of fish. This speaks strictly to residential housing. The insurance piece is a good one, but I suppose it would also have to account for renters insurance. So the inclusion would be the net difference between homeowners and renters insurance.
The difficulties with these types of “rules of thumb” are the trade-off between simplicity and accuracy. The more information included, it will be more accurate but more confusing for the average person.
I look at this type of rule of thumb is where the analysis should start on the rent/buy decision. This should not be the only analysis someone does.
Thanks for the great Comment!