I am in that camp as well. But... my rent is less than half the cost of a mortgage (including taxes and insurance) for a similar place. And this doesn't even account for maintenance costs. My landlord prefers long term tenants, so has shown no interest in raising our rent, and even if they did we are under rent control which will limit the damage. And while we are definitely paying under market rent, it is not by that much. So I feel fairly confident we can find something similar on short notice, and with more time could probably find a really good deal.

So after years of holding our down payment money in low interest savings accounts, I am now moving it into CDs and bonds that have nice returns which will result in a nice chunk of change. And if prices don't come down anytime soon, I am more than happy to keep renting. I think prices would need to drop by almost 40% before I would really consider buying at this point.

For context, I am in the Bay Area so it might be a somewhat unique situation to our market. But in the four years that I have been renting at this particular location, rents have not really moved much while house prices are up 50%.