Our's is only $300pw, we bought land and built when the time was right so our morgtage is under $200000. If we sold now we could buy outright in some rural areas. Renting in our area is around $350pw.
Lulu is very right...it's investment. we got in just at the right time, any later and it would not have been worth it.
If you do rent and your dishwasher, stove/oven or heating need repairing they have to get it fixed, if you own it and don't have the money, you wait