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This question is poping in the minds of many people right now with the economy the way it is and fears of unemployment. Sometimes people think of owning a home as a big commitment that is hard to get out of. Here are the two things to consider when comparing renting versus buying.
1. Commitment - You may think renting is like dating and buying is like marriage, but the fact is that renting comes with the commitment of a lease which you can not break. Home ownership comes with the option to sell at any time. Find the right agent and you will move it even in a slow market. Buy right and a great agent can sell high in low markets (OK insert TQ plug here).
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You could make a pretty good argument for renting as well, but those are certainly solid reasons for buying. The market conditions couldn't be any better for someone with a stable job and income. Rates aren't going to stay where they are for long. Its just not economically feasible. Replacing yourself with other tenants is a pretty easy way to get out of most leases.