It used to be that rent was considered less expensive than a mortgage. Sure, you were "throwing money away", but at least it was an affordable amount of money. Things are changing now, though.

With the mortgage market making it difficult for renters to become buyers, and with mounting foreclosures turning homeowners into tenants, rentals are becoming scarce. And when something becomes scarce, it goes up in price. Right now, for some people, rent is taking up as much as half of monthly income.

This does not bode well for the economy in general. More money spent on housing means less money spent elsewhere, buying things that help stimulate economic growth. And it also means that there is an increased chance that credit card defaults will soon be on the rise as people choose their shelter over their consumer debt.