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I have always owned throughout my life (I rented for 3 months while I moved to Austin in 97 and that's it) and I recommend it but I guess it depends on your situation. One of the most important questions right now is: How stable is you job? Could you get layed off in the future?
The best advice comes from a book by Suze Orman-9 steps to financial freedom, she also has a couple of other books and one of these books actually has a worksheet that you can use to see if you can afford the house you want. I am a HUGE Suze fan and have read 2 of her books so far. She will go through the house purchasing steps with you and explain all the different mortgage types and what questions to ask your lendor-I went to the Mortgage company with my Suze Orman book in hand (I think it is her second book that really goes into detail about house mortgages, types, etc..-I would look but I am in the middle of moving to my new home and have packed all my books up-but go to Barnes and Noble and you will find her in the financial section). She also has a show on CNBC that comes on Sunday nights and through the week (check the CNBC site for info.)-you can E-mail her with questions. Do your homework and most of all be comfortable with your decision-it is you paying the mortgage not your dad (well usually).
Interest rates are low but if buying is going to stress you out or stretch your finances to thin then I wouldn't.
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