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It depends what/where and how good of a price you buy. If you can get into a short sale or foreclosure you might actually make a profit..but noone really knows. Condos area a mess right now because most require a cash purchase due to pending lawsuits. But there are tax incentives for buying vs renting.
Not sure what area your looking to rent but if it's Mount Pleasant there isn't much out there. I did a search today for a client and there were only 20 listings for 4 bedroom homes in all of Mount Pleasant. Demand is causing the rental rate to go up. The rentals are between 1900-4000 a month. It's crazy!
I don't think that will last for very long. As people lose their jobs or thier hours get cut back, even the renters won't be able to pay those rents without taking on boarders. Landlords will have to lower their rents or lose tenants.
In my opinion, buy. If you rent you know that money is spent. If you buy you will get more tax returns each year and also if you keep the house for two years and make a profit, it is tax free money. Right now you can purchase a house at all time lows and the interest rates are low too. You don't need to look for a foreclosure to get a good deal. There are lots of good deals out there and you don't have to offer the asking price. You can ask for your closing costs to be paid by the seller also. While you're at it, ask the seller to throw in a home warrantee. Short sales are great but sometimes complicated and take longer to close.
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