What's even more scary about that $1.4 trillion in student debt is that most of that debt is guaranteed by the U.S. government and much of it is going to default. When it does, the U.S. government will have to stand behind its guarantee. That will future blow the budget deficit and add to the national debt, along with the recent federal tax cut, the budget deal that will result in more defense and domestic spending, and the end of sequestration. The U.S. debt to GDP ratio will start to approach that of some the PIIGS countries in Europe.

It's definitely better to have a low debt to income ratio. Unfortunately, many people in the U.S. can barely get by and have to resort to debt to even pay essential living expenses.

I personally own a house and am very happy with the decision, as it has allowed me to build equity and enjoy the appreciation in the value of the house, which I will cash in when I sell it. I can, however, see your point of view. What makes sense for one person doesn't necessarily make sense for someone else in different circumstances.