Also, keep in mind property taxes.
When you own a property, escrow or not, you pay the property taxes and it's a deduction. So, it helps with getting above that standard deduction. Add that factor to your analysis.
When you rent, you pay property tax indirectly and the owner gets the deduction (as a business expense).
Unless the houses, in general, are appreciating in value, you are taking a risk. Some of the buying/selling expenses take a while to recover with the appreciation and/or tax benefits. If after some thinking, you're not sure it's wise to buy a house now, then don't do it.
