There has been a gradual increase in the rental as well as homes rates in the recent past. This has led to a huge slump in the homeownership rate, which has come down to its lowest in 50 years. However, there has been efforts in order to improve it by bringing in more jobs. But the situation will not change much. The best advice to prospective buyers is to stay put and hope that the prices come down substantially.
Read this post to find out more about four key points why renter should stay put: http://realestate.usnews.com/real-estate/articles/apartment-renewal-rates-on-the-rise-4-reasons-renters-should-stay-put/