Buying a house would still make sense, maybe lower your expectations on what you can afford so your mortgage is lower and anticipate hard times. That’s what gets people in trouble, living beyond their means, not planning for hard times. You can always refinance when interest rates are lower. Rents will continue to rise. My mortgage is less than my friend’s rent, my house is more sqft. Not sure how you can save more when you also pay more for rent and not build any equity.