Wasting Money

So I've been renting my current townhouse for 7 yrs. I did some calculations to see how much I've spent so far. And I am sad to see that I've wasted so much money living here instead of investing in a house.

$700 per month (without utilities)

x 84 months (7 yrs.)

= $58,800.

So this is what happens to us lower income renters. We live month to month paying our rent and utilities. But we never get ahead and our money is gone. I hope to change that for myself.

I really would like some feedback from you if you have a similar situation. I would love suggestions, ideas, etc.