Buying homes with loans arent one of my favourites with respect to living. Because, to my sense - its a waste of money.
Even when one has ready cashes available, he can choose to buy one, but not with loans and paying the bankers later.
At the age of retirement - with enough money in hand, the proposal of buying a house can be considered, because house rents are a big burden.
I agree with you and I thought the same thing too. But there is always a social pressure that people go for it considering their living safety.