My husband and I rent in the loop, we have lived in the same apartment since 2003 and have no intention of looking to buy until I have a job offer out of law school. We pay $1100/mo plus bills. We could buy a townhome in the same area we rent in for around $150-200K, and our monthly payments would be the same, but property taxes in the loop are crazy, ($7K per year!). The taxes and the fact that we may need to move after I finish LS is why we aren't buying. However, the other side of the coin is Scurvy. She also has a great deal with her new house. On the belt (which is outside the loop, it's like the outer loop), brand new home, and pays approximately the same thing I do for her house and I believe that includes her taxes. It all comes down to two things, if you ask me, 1) where do you want to live- fancy neighborhood in the loop with a 5 minute drive anywhere, or nice neighborhood in the suburbs with a 20-30 minute drive; and 2) Do you believe the school of thought that renting when you could own is a waste of money.
Also consider whether or not a yard is important to you. You could buy a townhome in the loop for the same price you'll get a single family home on the belt; one with a small patch of grass the other with a small back and front yard with a fence.