My opinion is that it depends on how long you plan to be in the property. If it is less than 2 years, it is probably not worth it. BUT, if you are planning to be in there for 5 years or more, then it very well could be in your best interest. That is, if you are looking at the property as an investment as well as a home. Why? Because there are so many financial reasons to buy right now. These included (but are not limited to):
* Home Buyer Tax Credit up to $8,000 if you ratify a contract before the end of April.
* Motgage rates are not likely to get any lower than they are now. That means it is very unlikely to get money so cheap in the future as right now.
* Your mortgage payment goes to paying off YOUR loan, not someone else's
* The DC metro area home values are projected to rise between 2-4% this year. In 5 years+ that number could be MUCH higher. That means, even if you don't pay that much off on your mortgage, the property can appreciate over time so that when you move/sell, you are actually MAKING money, just for living there. That isn't the case when you rent.
There are a lot of components to consider in your specific model. I would be happy to work up some scenarios with you to find the best model for your individual needs. If you are interested, please feel free to contact me directly at email@example.com. I wish you great success whichever way you decide to go!