Rent v/s Buy? I see that you almost answered your own question in last couple of lines. "Renting is getting expensive day by day." I would say do your math: calculate your interest payment, your tax savings, and equity position in five years from now and rent money that throw away and make your landlord rich. You can decide to make your mortgage payment or others... choice is yours!
I would be happy to discuss more at one on one consultation at no obligation if you like.
Good luck to you,