When we originally looked in Reno, we could have purchased for around $300,000. Covid came and a year later, we ended up buying for $425,000. Since we were selling in CA - which had also gone up - it was no big deal for us. Years ago, 1995 to be exact, we were looking for a home in San Clemente, CA because we wanted to live there. Everything was just "that bit" too high. We bought in Oceanside, CA which was not as desirable but offered the same amenities - albeit a bit more of a commute for me. Thank goodness we did because very quickly prices rose and we would have been priced out of the market.
My point is this - sometimes, it is better to get into the market where you can afford than to spend years looking. Once you are in, you are in; if you get a fixed mortgage rate, it can't go up but you can refinance down. Once you buy, at least you have equity and the opportunity to grow wealth because earnings will go up and home payment will remain fixed.
The only caveat (advice from my dad) ... never purchase any property in which you cannot live long term If necessary. During Covid, I lived for 2 years in my uninsulated, 900 sq foot cabin, with only 1 bathroom. We are still married, but did sell the cabin post Covid.