Another idea is to compare what buying vs. renting means for your family, financially. For example, does owning a home take up a large chunk of your disposable income, meaning eating out less, no more going to the movies, etc.. Or does owning a home give you benefits, such as better schools in the area you purchase, more room for the family, backyard, etc..
You probably will need to speak to a financial planner (if you have one), or talk to a Loan Officer to go over the figures with you.
Let me know if I can be of assistance.
Sr. Mortgage Planner