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Over the long-term... I really like the idea of owning the home you live in. Renting is okay, but hard to beat real estate as in investment... From tax benefits (mortgage int. and prop tax deductions) to the fact that it's one of the few asset classes indexed for inflation.
What I don't like right now are prices. BUT we are moving from a "seller market" to a more neutral market in the bigger picture. In the near term we are moving into the typical RE slow season over the next few months. we may see more listed homes, fewer buyers, and maybe even a better deal on something. I'd expect this to accelerate a bit when mortgage rates rise.
Buy the most you can afford BUT keep your monthly payment (PITIA) near market rent in the area you buy. Plan to stay put for at least 7 years while gainfully employed and it should work out fine.
Good luck on your search. I'm a mortgage broker and would be happy to help anyway I can.
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