In a recent press release, Zillow stated that the affordability of the nation’s rental inventory is currently much worse than affordability of the country’s home sale inventory. The release revealed two things:

Nationally, renters signing a lease at the end of the second quarter paid 29.5% of their income to rent.  U.S. home buyers at the end of the second quarter could expect to pay 15.3% of their incomes to a mortgage on the typical home.  Also don't forget the "interest on a mortgage" is tax-deductible; when you rent, you're throwing money down the drain. You also can deduct your property taxes (when you own) so the advantage of "owing" versus renting are huge!