In Houston, the property tax rate is 3%, and inflation is roughly 2%,so for property to be a net gain, it has to increase in value at over 5%, which is faster than the overall economy, and hence gets less affordable over time
You would be paying (indirectly) the property tax even to live in a rental, so I don't think that you should count that as a home ownership cost (any more than you'd count cable, gas, or electric bills as ownership costs) if you are going to live in the property.
Another solution to that equation is that houses increase in value at 2% a year (keep pace with inflation), and yield 3+x % in rent per year, where x is enough to cover administration and provide a modest return.
