In these times I get asked that question so often. If your rent would be $1,000 to maybe $2,000 per month, renting would be OK. But in Pinecrest, the average lease is $5,000 per month. When clients ask me whether to rent or buy, first I ask them if they plan on staying in the area for at least two years. If they are, I let them know that a years' lease will cost them $60,000.
When you take into account what leasing will cost and the tax advantages of owning your home. It usually makes financial sense to buy - even if the market goes down a bit more, you will probably still come out ahead. And who can put a price tag on the pleasure of home ownership!