With an FHA insured loan, you can buy with as little as 3% down. If you buy wisely now, you should be significantly ahead of where you would be in five years. If you have a house-mate, all the better.
For about everything you may want to know, see the Home Buyer Info page of my Web site. The link to the "benefits of home ownership" will outline what you may miss out on if you wait.
For everything else you may need to know, meet with a mortgage loan officer and get yourself pre-qualified, and find a good REALTOR member of the MLS with whom to make a buyer representation agreement. None of this will cost you any more, and it could save you a lot of money and frustration.