One point to consider is that you will be making a house payment, whether you are buying or renting. You are either paying your own mortgage payment or you are paying your landlords payment. Though it depends upon your own individual financial and personal living requirements, buying a home has many advantages over renting.
BUILDING VALUE AND CREATING WEALTH: By making payments on your home, you build equity(the difference between property value and mortgage loan payoff amount) and your net worth should gain. Your home should gain in value by appreciation (due to inflation, rising building costs, etc). This plan of gaining equity and property appreciation is a WIN/WIN situation that has been proven time and again.