Some interesting points raised here. I think that time lines play a huge part in weather to buy or not. The longer you plan on holding a house the lower the risk. Not to mention you have no controll over a rented house, you could be kicked out when you don't want to move and anything you do to improve the enviroment you live in is value adding to someone elses property. If you can see youself being happy in the same place for 10 plus years it's a no brainer IMO. I think the medium term, say 3 to 5 years, would make it a tough decision in today's market.
