Raise your hand if you've ever been told that you're throwing money away by renting an apartment. 🙋🏽♀️This comes from the idea that your monthly payment goes into the pocket of a landlord instead of toward building equity in property that you own. But saving enough money to make a down payment can take a long time — and that's just the beginning of the costs of homeownership.
You'll also need money for closing costs and a home inspection. Oh, and don't forget about saving another chunk of cash for any repairs. This increases the amount you'll need to save up front.
Plus, in some cities, buying a home can cost you significantly more than renting thanks to property taxes, insurance, HOA fees, and utility bills. Going on Zillow and searching for homes for sale can help you figure out if this is the case near you. When searching homes for sale, scroll down to the "monthly cost" breakdown to get an idea of what it could cost you per month if you buy (you can even put in numbers that more closely match your circumstances).
AND on top of all that, you'll also need to consider whether or not owning property is the right lifestyle decision for you. Maybe you don't have the time or energy to maintain a backyard. Or maybe a home in the suburbs might allow you to escape exorbitant rent prices...but you'll also end up spending a ton of money on commuting.
TL;DR: You don't have to be in a rush to buy a home. If renting is the most economical decision for you right now, don't let anyone — your parents, a financial advisor, etc. — guilt you for it. Renting until you're really ready to buy can save you from burning cash you don't have.