In places like New York City or in Europe, prices are so high, it's not unusual to rent for most if not all of your life. In other parts of the county, homes are more affordable, so buyers are less worried about taking that plunge.
With interest rates so low and home prices down 20 to 30 percent from their peak in 2006, it is a great time to buy for most people. Plus, there's that first time buyer credit, a once in a life time opportunity. However, the uncertainty of rising unemployment makes renting a smart bet for people who are still on the fence.
Rent vs Buy Calculator