I entered into a 30-year mortgage at slightly above 3% last year, with a reasonable amount of money down, and my mortgage payments plus tax on a bigger and newer house are substantially less than what I used to pay in rent. Plus I deal with less traffic, I encounter more diversity in my day-to-day life, and people, even the less well-to-do, are happier here. The only real downside has been that overall the availability and quality of fine dining is less here.
Naturally, people don't move solely for the ability to buy a cheaper house, but it is something worth considering, depending on your circumstances. I was in a similar boat as yours before I moved, where I could theoretically have afforded a house where I was, but I didn't want to.