Is it better to buy or rent house in today's market?

I believe it's better to buy. After all, if prices have dropped doesn't that mean you'll be picking up a bargain that could be worth more once the economic cycle turns again and we go into a growth phase?

If you can afford to buy it is always better. You can get some really great deals on buying a house right now. You also get to write off a lot on your taxes plus they are now increasing the amount you can write off when you buy a house. Renting is just giving your money away and paying someone else to let them own the property and get all the tax credits and mortgage values.