Is it cheaper to rent or buy?

Do you think it would be cheaper to buy a house or rent? Many renters continue to rent because they feel it's saving them money. The recession has also helped attract many people into renting vs. buying.
It turns out it's cheaper to buy a home than to rent. Until the 30-year fixed rate mortgage hits 10.5% buying will be cheaper than renting considering today's home prices and rental costs.