Just judging by your tone it would seem that your heart and smarts tell you to sit tight and continue renting, but the materialistic libido part is saying, "Hey, your an accomplished professional and you deserve to be a homeowner."
These are the same impulses that drive many to purchase luxury sports cars (generalization), the degenerate gambler to lay down $2000 on Duke, and what drove many to buy at or just before the housing bubble's peak. It is simply not a sound investment, no matter if you have itchy feet or not.
It is not your fault that the time when you are finally able to afford a decent home just so happens to come during the recent aftermath of the largest housing bubble EVER. Similar homes that you are looking at were worth half of what they are no more than a few years ago.
I have talked with many professionals like yourself, some even more established, and ALL of them say that they would not be able to afford a home at these prices. Even they know this situation is fubar, the only thing is that they are on the winning side of things…only temporarily, however.
If you were planning on living there for 10-20 years, I might say go for it if you can deal with knowing that prices are likely to drop or stagnate for at least another 3 years or so. Otherwise, do the prudent thing and continue renting. Maybe consider moving up to a nicer property or community. You'd be surprised. To tell others, "I'm renting right now," sounds so much smarter than it used to.
