In our case buying made more sense. We purchased during the last downturn and my house payment is far less than rent would be. We also had to consider that we have 3 dogs and I knew the area I wanted to be in. Rents have gone up and up here. All of that said, when I purchased, I did it with my husbands retirement date in mind. We want our home paid off as he goes into retirement. Not every plan goes according to plan lol. Covid has taught us to live on less and it wasn't something we tried to do. We were terrible about eating out but with Covid that came to an end. No take out or dining out in over a year. Talk about saving money! I also planted a very large garden that will supply us with produce for an entire year. Gardening in Florida is year round.
We've been in our home for 8 years and my husband has more than tripled his salary. Once again that bigger home was tempting but piece of mind was always more attractive.
If you have $9600 in income after taxes 401k contribution/medical coverage and are using $5600 of it for housing that seems crazy. You know houses require upkeep. Expect to average about 5 percent of cost to maintain the home. I don't see how this will work. Get a cheaper house.
Assuming that this $5600 includes taxes and insurance for 360 months.
A few more questions -
Have you got 20 % for a down payment?
Is there an HOA?
Is the house newer?
Edit: Just noticed that this is from last August.....