Would-be buyers are now renting

Once again the Strib has an article about the changing real estate market. They make some interesting points here but I wonder -as a person who rented for over 10 years and now owns my own home - if there's ANYONE out there who really thinks that renting is preferable to buying, especially over the long term. Certainly if you plan to move frequently it might make sense to rent but if you plan on living in a place for even as little as 3 years, buying is really going to serve you better.

Here's an excerpt:

For the first time since the housing boom, rental property owners are seeing relief from rising vacancy rates and stagnant rent prices.

Instead, growing numbers of prospective home buyers are choosing to rent, in some cases because they have been priced out of the market or are worried about getting into a market that doesn't offer a guaranteed profit.

And that is causing vacancy rates to fall, rent prices to rise and apartment building construction on a scale that hasn't been seen in years.

For renters, that means no more flat-screen TVs and free-rent offers. Instead, they will probably be facing rent increases and stricter lease terms.

"For me, it's kind of scary because you don't know which way the [housing] market is going to turn," said Lisa Litzinger, a renter who scrapped plans to buy a house in December. "You just don't want to make the wrong decision right now."

My answer? Over time the housing market in this country ALWAYS goes up. You always need to factor in location and condition but if you buy smart, and are not forced to sell to soon after buying, you really can't lose!