Due to the foreclosure crisis millions of Americans went from homeowners to renters. Even during slow economic growth, buying a home at historically low rates and prices can be the best choice. In many cities today buying is cheaper than renting. A 30 year fixed rate term loan monthly payment will never go up, unlike rent! 

Rental Markets are Tightening – Source: Harvard Joint Center for Housing State of the Nations Housing Rental Report 2011 Rental Housing Report 2011