Both renting and buying have their advantages. If you are in a good spot financially to own a home, there's no reason why you shouldn't purchase your first home, but many reasons why you should.
1. More than likely you'll have a fixed mortgage rate. This means that your monthly payments stay the same, making it easier for you to budget.
2. When you rent, the money you pay every month goes straight to you landlord's bank account. However, when you own your own home, every month you are investing into yourself, and the future of your family.
3. When your renting and your family grows in size, you will most likely have to move to accommodate that growth. Owning your own home gives you that freedom to be able to make the necessary renovation to accommodate whatever life may decide to throw your way.
If renting is what's best for you right now, then that’s okay. In the meantime, you can work on lowering your FICO score, and saving up your money. This way when you are ready to purchase your first home, you’ll already have a head start!