[sammyg2]

Just exactly what state are you planning to buy in where the property taxes are only .0033% ?
Where I live, you should plan on paying closer to $340 a month in property taxes on a $350,000 home.
And while I agree the immigrants are replacing the people who are fleeing Mexifornia (I've heard it refered to as brown flight) the immigrants are buying homes. They do it by putting up to 10 families in one house.
It doesn't happen yet in million dollar neighborhoods but I have seen in in $700,000 homes. Not exactly the kind of thing you want next door.

In Orange county you can rent for $850 a month, assuming you are comfortable with a one bedroom loft style apartment in a less than desirable neighborhood (and no garage). I know that for a fact, because I used to own and rent out a one bedroom condo that I sold 7 years ago. I was getting $850 a month rent for it, back then!
For a 3 bedroom condo or house in a decent area, plan on paying 3 times that amount in rent or more.

One more thing to put into your equasion:
if you buy a home, the mortgage will stay the same unless you are dumb enough to get into creative financing or adjutable rate loans when the rates are climbing. That means than it 5 or 10 years, it will be easier to swing the payments. In 15 years the payments will look small.

If you rent, the rent will keep going up. And up. And Up.

The longer you live in a home you bought, the more affordable it will get. The longer you rent, the less affordable it will get.
And all of that is with not even bringing appreciation into the picture.

One other thing to consider: the average joe that rents is not as desirable as a neighbor as the average person who owns his own house. I said average, I know there are exceptions.
I personally don't want to live in a confined area with a bunch of renters. Parking problems, noise, parties, who needs that next door?