I think it just shows that some win, some lose - but few really want to be in the casino.
There was some risk, but not really like in a casino. I was sure about a forthcoming pay rise, so we were certain we could repay the credit card debt within the first year (which we did). As it was a zero percent credit card deal for 12 months, we paid no interest on the £9,000 we borrowed on the card (not even a transfer fee). I accept it was not predictable that we would be so much better off by buying, but there was almost no risk to pay more than for renting. The flat we bought would have been £1,000 to rent a month, or £87,000 for the duration of our stay. It was not likely that interest plus possible reduction of house price would ever have cost us so much. In the end the flat cost us over 7.25 years £30,000 interest, £5,000 in service charges, £4,000 buying fees, £6,000 selling fees, £15,000 refurbishment - in total £60,000 costs (or £690/month). As the increase in value happened to be also £60,000, we lived for more than 7 years in a nice flat refurbished to our own taste for absolutley free, which allowed us to have (save) £120,000 in cash for our house purchase (for deposit, stamp duty and other fees).
We could have sold our flat for just £153,000 instead of £240,000 and would still not have been worse off than renting. Only below £153,000 we would have started to make a loss. This was barely a high risk. But of course everybody has to evaluate their circumstances - I was for instance very sure my salary would go up a lot and that my job would be secure for many years to come, which reduced risk on the income side.