Advise young adult child to buy house or not, with current tax situation?

I agree. Except that I would amend this to say that all 20 and 30 somethings should try to save whether they rent or own. The irony was that when H and I were very young homeowners we not only did not have any money to spend on fun, but we also had no money to save. My D and SIL who have always rented have always been savers.