Bay Area, Buy a House or Rent a house?

My teammates and I graduated with our master's degrees in 2019 and have been working in the United States for four years now. We have been renting a 2-bedroom, 2-bathroom apartment, and the total monthly rent is over $3,200. We are currently considering buying a house. Previously, there was a drop in housing prices, but we hesitated and missed the opportunity. Now, the prices have increased significantly, and interest rates are also high. We are unsure whether we should continue waiting.

Here are our current circumstances: Together, we have $650,000 in savings (including all stocks and government bonds, but excluding 401K and health insurance). Our combined taxable income is just over $400,000 per year. We are both nearing the age of 30, and our parents can continue supporting us with $500,000. However, due to a yearly limit of $50,000 in deposits, we cannot use most of this money for a down payment.

Could anyone provide some advice or suggestions?