Credit where credit is due: pdxrealestateoutsider gets all the credit for this. He created the calculator and gave me permission to talk about it here.
This is the link to his rent versus buy calculator. His complete post is here. It goes over all of his assumptions in building the calculator and is important to read.
The image is a graphical version of his findings:
Over 5 years, we would need to see 4% annual home prices appreciation to be better off buying vs. renting. If the market stays flat we will be $65k better off by renting over the next 5 years.
Thanks again to pdxrealestateoutsider for the calculator. I think this is going to be an ongoing project for him so we are bound to see newer versions in the future.