Buying a home is a vastly overrated experience. Especially now with interests rates up, even with lower prices it's less sensible to buy now than a year ago. You shouldn't tie up your net worth in a huge illiquid asset.
I feel like it was a prerequisite living the life I wanted, and the absence was the source of a lot of depression and anxiety.
My main regret is not buying earlier, money be dammed. I would happily trade that money for more happy years.
Some people are handy and enjoy taking care of their home.
Some people don't like hearing their neighbors footsteps above them all the time.
Some people play Drums and don't want to pay/share a small 10x10 room to practice in.
With who I am, from my culture and upbringing, it was near impossible to be happy without a home. I tried for 15 years without success. I grew up reading Walden and love building and improving things. I was never going to be happy in a rental without substantially changing my personality, and couldn't do so when I tried
This analysis assumes that rates would decline from exceptional highs, which is implied by the phrase "exceptionally high".
A Boomer who bought a house with 10% down and a $56k loan on fixed 30-year terms at 18% in October 1981 was initially paying $844/mo but in 1982 they could have refinanced down to just $700/mo. By 1986 their home was worth a nominal $80k and their payment was potentially down to just $450/mo.
By the way, the same "increase of face value" is true of buying long bonds at peak interest rates.
Of course, the trick is knowing when the peak is. But if the Fed's actions have their intended effect, we may be somewhat close currently. (Note well: I am not an investment advisor! Follow at your own risk.)