Saving Renting VS Buying, But Market Keeps Blowing Up

Family of 4: Ages 33,31,6,3

Average home in 2017-2021: $260k - 395k
Current: $425k + climbing (rates now at 4.75% doesn’t seem to be stopping people this month)
Recently looked at a 430k home down the street. With 20% down, the mortgage was going to be $2,450.

Rental: 3 Unit - Multifamily house in very desirable area. We have 2 bedrooms, office, 1.5 bath & sizeable yard.
2017 - 2021 Rent: $1,300
2022 Rent: $1,400

Here’s the thing, we are happy where we are. I’ve been able to be a FT Stay at home mom working PT on the side in the construction industry (blessed). Last year we saved/invested 59% of our take home (this does include stimulus and child tax credits). We are living a rich life in terms of family time and we thought we were doing a great job saving and investing too.

BUT it’s not enough with how the market continues to sky rocket. With interest rates back at 4.75% range, the monthly payment feels like what we are looking at when we had a minimum down payment for a much larger home. I’m tired. Just needed to vent.

Anyone else relate?