If you are in a comfortable position to buy, and find a wonderful house that you can live in for the rest of your life, have at it!
However…consider that rents might go down, neighborhoods might deteriorate further, the economy could collapse, etc.
If you are looking at 2X annual income, and have a nice cash cushion (minimum 6-12 months, AFTER all purchasing costs), and you have a relatively safe job or highly-desired job skills, you could certainly consider buying when buying is cheaper than reasonable rents, IMHO.
