Not a big dilemma. I have worked with a whole lot of first time home buyers, buying condos, town homes and single family homes. Most start with the same question as you have.
Renting - affords you tremendous flexibility, to move and relocate at will. But, all the rent you pay to your landlord, you have not tax savings by way of tax discounts, there is no element of principal return that adds to your equity, and of course there is no appreciation. There is a huge loss in terms of lost unearned immediate returns, equity build up over the years. The loss is not proportionate to the rent paid, the loss is usually higher.
Buying - you strike roots, become a part of a community, a neighborhood, there is a sense of belonging, there is a huge sense of pride for your family, spouse and kids.
If you have a good employment history, a good credit report, and a reasonable down payment. There is no reason for you not to buy. The benefits of buying outweigh those of renting. it is more than financials. You begin to build your equity. Credit reports can be taken care of unless they are way down. Down payments, you could have even as little as 3.5 %, or 5 % or 10 %.
I could quantify the benefits, financial and not financial. Call me at (408) 781-0976 (Mobile) or GToor@Interorealestate.com