Exactly. Its not a numbers thing, its a psychological thing. Even if you personally can resist the psychology, the capital value and rental yeild are affect by 'the herd' psychology.
Rent for as long as you can (what is that saying about cars? drive the cheapest car your ego can afford) while you are also saving and investing at least the amount you would be paying for a P&I mortgage.
When you skip a month or two of your investment/savings plan, remember that if it was a mortgage instead of a savings plan, you wouldnt have had that option. For a whole swag of people, buying a home is a form of enforced savings.