The first reason why buying a home now is interest rates. Today they are still at historic lows. This allows you to get into more home for a smaller monthly payment. As the interest rate rises the price of the home you can afford lowers. With the lowering of home price you lower the amount of appreciation. Now I don’t mean the percentage the house will appreciate for necessarily but the dollar amount associated with that percentage. So take advantage of the low interest rates because from here they can only go up.
Another reason is taxes. The Federal Government was nice enough to put a little addendum in the tax laws allowing you to deduct the amount of your interest on your home loan from your income. This is a benefit you do not get with renting even counting the renters rebate you get here in Minnesota. This tax deduction adds your investment every year in lower taxes paid to the Federal Government.