Here's a very useful tool from the NY Times that calculates whether you would be better off renting or buying a house (financially speaking):

http://www.nytimes.com/interactive/business/buy-rent-calcula...

Takes into account variables such as monthly rent, house price, down payment, property taxes.... and it has a sweet graph that shows over time where you are financially better off renting or buying. Pretty cool.

Great for anyone who is between two minds about what to do, or is considering investing into a depressed market.