Here is a good article on the various considerations on whether it makes sense to buy a house or stay on rent. Read it fully.
http://www.personalfn.com/detail.asp?date=4/30/2007&story=1
I would say it is still better to buy a house. In the end the article does not consider the actual value of the property at that time, which would surely be substantial and make up for the opportunity loss.
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