We're still renting, but was thinking of buying a home since the homes are so cheap now. But, l was wondering...should we wait?Is home ownership even practical nowadays?
Only plusses were more room and a backyard so my daughter can play..other than that, we were just doing it because ''that is what you do when you get married and have kids...''

Do a plus/minus list.

Statistically home owners have a significantly higher net worth than renters.this carries true even in a down market.If you have money to put down and have excellent credit it is a great time to buy! Prices are down and interest rates are less than they were this time last year!
If you need to clean up your credit do so now so you can buy soon while the market is down. Eventually, as supply diminshes and demand catches up.it will rise again.

The tax advantages are what make it worth it. You can deduct the property tax and the interest you pay on your mortgage. Besides, you can paint walls, plant a garden, and do what you want both inside and outside to the home to reflect who you are, to me that is priceless.