The NY Times has published an awesome, interactive guide for determining the financial benefits of buying, or renting a home. Basically, you put in all the relevant information, and it can give you costs for each year you are in the house, and at what point it becomes better to have bought, over renting. Of course, the numbers it gives are based on averages. It may not reflect costs specific to your area, but it’s still a good data point.
In order to access the guide, you’ll need to sign up for a NY Times account. It’s free, and only takes a minute. It’s time well spent if you’re thinking about moving.
via Vestal Design
In the end, it’s generally a lifestyle choice.
I am buying a house (that is, paying a huge mortgage each month). I miss the days of having an apartment where the owner had to pay and repair things and the rent was cheap. I was really able to save a lot of money. And be mobile. But I love “owning” a home. No landlord, no worry about your apartment/rental house being sold.