First, your question about how most posters here who own their houses are dealing with it, I would say we are taking very good care of the house, enjoying the area, as we aren't really looking to move again.
Now, housing prices do not go up at this rate forever, they go up more than they go down, but there will be opportunities. I recommend still renting and watching and working with a broker who knows your situation and will help you get what you are able to afford. Knowing what you can afford is the key, and you might not be able to get what you want at the moment, but work for what you can afford. . . . or negotiate a really affordable long term lease and save your money while waiting for the market to cool off a bit.
The only reason we bought 2 1/2 years ago, is that I did not buy a house in a similar situation with a new development in the early 80s, and then just watched the home prices continue to go up and up. . . so I had learned that sometimes taking an early risk is worth it. But then again, my wife bought our current house in 2004 and the house (not mortgage) was underwater for about 15-16 years. . . always, always, always is the future is uncertain. best also work with a CFP to help figure out how to re arrange your finances to help you maximize your situation. . .
good luck
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