This topic has been covered almost everywhere in the blogosphere. It seems that a lot of the blogosphere has agreed that it's worth it to buy no matter what. There's a spread between the rent for one place and the mortgage for buying the same place. I think there's a point where that spread becomes too wide and favors renting. If you take an extreme example of a $1 rent vs. a $4,000 mortgage in a possible bubble market, you are much better paying the $1 and throwing the rest in savings.
Why am I rehashing this question, yet again? In this month's Money magazine on page 70, they address this topic with a person thinking of buying in Phoenix. They seem to make a pretty good case for renting. It makes me wonder what they might say in San Francisco (where I am) , where I believe the spread is even greater.
Next: How to Ask for a Raise (Part 4 – Final)