I just read this article on Renting vs. Buying from one of my favorite blogs. It's actually making me feel much better about the fact that I'm nowhere near close to being a homeowner. I've always assumed that home ownership was sort of the holy grail of financial independence and have been working to get down our debt and save for a down payment. In light of recent events, mortgages are going to be much more difficult to get and it will likely take several years longer than I had hoped to be able to buy something. But I'm actually not feeling quite as bad about it now. I think that all things considered, we're probably where we should be at the moment.
Though I really would be happier to be renting a house where I don't have to share walls or a floor with another apartment. There's only so much Guns N'Roses that I can bear to hear coming up from the 1st floor rednecks.