When Renting Is Better Than Buying

Renting has always had its advantages over buying, but then this past summer, interest rates fell to an all-time low. However, home sales remained dismal at best. According to an article published by the "Washington Post," the average rate on a 30-year fixed mortgage tumbled to 4.69 percent, falling from an already low 4.75 percent. However, after the popular government tax credit program wrapped up in April -- offering $8,000 to first-time buyers and $6,500 to some repeat buyers -- home sales plummeted.

So which is it? Should renters be buying homes or should buyers be renting?