To that I'd add if you buy make sure you are pretty sure you will be in the local market for work for 6-7 years, so even if the mortgage is below 30% and rent i

To that I'd add if you buy make sure you are pretty sure you will be in the local market for work for 6-7 years, so even if the mortgage is below 30% and rent is more like 50% if you aren't confident you'll stay put for a while you still shouldn't buy. I think there is an irrational scramble to buy going on now too although I think it is not at the scale that caused the global financial crisis.