People today are renting in greater numbers, not just as a temporary step on the way to home ownership, but for the lifestyle they enjoy through renting.
Some of the factors to consider when deciding whether to rent or buy are:

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The cost, availability and variety of rental housing possibilities will vary tremendously in different parts of the country.  For instance, homes and apartments for rent in Orange County can be priced dramatically different from similar units in the San Francisco Bay Area or the Jersey Shore.  While a large city will offer a far greater number of rental properties and a greater variety of styles and amenities, they will also be much higher priced and may even have an extremely low vacancy rate.  On the other end of the spectrum, small towns also tend to have a very low rental vacancy rate, simply because of the lack of rental housing there.  Mid-sized cities will generally have the greatest choices available.

Initial costs on a rental property usually include one month's rent security deposit, additional deposits if you have a pet (many rentals do not allow pets), first month's rent and/or last month's rent depending on the area, and an application fee of generally $20-75.  Be sure and get renter's insurance; if you don't, your personal belongings will not be protected in the event of a burglary, fire or any other loss. Read lease agreements thoroughly, as they can vary greatly between states and even individual landlords.  It is wise to have an attorney review leases. Be sure you understand what you and the landlord are each responsible for when it comes to utilities, maintenance and repairs.  Although the most typical lease term in the U.S. is 1 year, this can be negotiable too.  Know what your liabilities are if you have to break your lease early.