Submitted by Sandy Morley:

Will you live in your next home for at least 3 years? If the answer is "Yes," you should  purchase rather than continue renting. With average appreciation, you'll break even on your closing costs after 2 years.  Starting with the 3rd year until you sell you will be putting money in your pocket.  Remember that the most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment.