system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: (Value of) buying a condo vs renting an apartment

I get the equity thing, but not completely, I guess.

I pay a lot less living in an apartment (admittedly with two roommates) than I would if I bought a condo (something I’m considering if/when the housing bubble pops) 

I get that it’s something to do with long term value, but not short term? So if I buy a condo, I should plan to stay there more than 5 years, or?

Thank you!!
gpt
When you pay a mortgage payment, some of that payment goes towards principal, or your ownership in the property. If your mortgage payment is $1,000 and $200 of it goes to principal, then you sort of taking that $200 from one of your pockets and putting it in another. It's still yours. If you pay $1,000 on rent, none of that do you keep.