Should we buy a house if we don’t need to?

My wife and I are very lucky. I work in IT (70k per year) at a University, she works in Student Affairs (44K per year) at the same University. She doesn’t make much but as part of her job we get free housing on campus. It’s a pretty nice 2BR 1Bath, apt, all of the utilities are paid for, and we each walk to work. So no rent, mortgage, water, power, internet, bills for us. Just streaming platforms.

We have about 40K in savings. We just throw my check into a high yield savings account and live off of her income. We have combined student loan debt of 50k but we are hoping to have some forgiven via PSLF in about 5 years. Besides that we did buy her a new vehicle in Jan: $600 per month, at 4%, 40 months left. Her credit is 720+ mines 700.

We’re also having our 1st kid in a couple months. We both feel the pull to buy a home. A place for our dog to run and kid to grow up. Our FOMO is really kicking in with inflation and rising housing prices. She’ll probably keep her job for another 2 years, but we are concerned we will have missed the opportunity to buy. But if we bought now, it would just be a part time home anyway.

I’m curious what you guys/girls would do in our situation? Just stand pat and throw money in an account ( which I should probably buy ibonds or something safe but with better interest rates) or buy a house that won’t really be used full time for a couple years?