It's free considering the market can return more over 30 years but definately this assumes you think the value of land will remain at least steady. I always project a 1% yearly appreciation for property. Something dramatic to population or transportstion is definately possible and you can make the decision to never buy at all. This was more of a suggestion to the folks who want to buy but think they can get a lower price by trying to time the market that interest rates could easily wipe out any potential discount.
This is just my humble opinion and I will say that I am generally unpopular on blind :) 5 years is a bit on the shorter end but 5 to 10 is usually safest. I am always a proponent for sfh. Compared to a condo they have higher appreciation, less risk during slow downs, and no hoa that can potentially limit what you do with it. If you are in the bay in particular there will not be any new sfh so supply is always limited. Sfh are also more upkeep though so factor that in. Good luck!