Rents are skyrocketing right now, so it is about to be incredibly enticing to purchase a home, especially with unbelievably low interest rates right now that make the cost of ownership even lower. Just don't miss your mark though with the rates right now.
Rent if you don't want an investment in Austin for the next 5 years or so.
Rent if your income is unstable.
Rent if you yourself take less pride in ownership (nothing wrong with that).
Rent if your living situation is unstable and you don't want to stay vested in Austin over the next few years.
Buy if you are financially/career stable.
Buy if you plan to at least keep a vested ownership in Austin for the next few years.
Buy if you are the type to have "pride of ownership" desires (adding your own touches and having a say in your community).
Buy if you want to take advantage of affordability in one of the United States top cities to live in (for many different reasons.
check out the array of videos about Austin Tx, found on my website http://www.ShawnMon.com
(below my intro video).
Buy if you want to be a part of history and a part of Austin Tx culture that you can look back on one day with pride of ownership, community contribution, and an investment.