In general, increasing debt increases risk. Student loans are a big risk, as there is no way to get out of them. If you bought a house, and one of you lost your job, would you be able to handle all of the payments comfortably?
Second, while interest rates are low, prices have already recovered to a large extent in some areas. If you live in an area with a big run up in prices, I would be cautious. Anywhere you are considering in the coastal areas of California there is simply too money chasing too little product. The combination of low interest rates and investor demand driving the market makes the price sustainability questionable. In Phoenix and Las Vegas, investor demand has driven the price increases. There is a limit to what investors will pay. If you live somewhere where supply and demand are more in balance, then interest rates might be a significant factor.
Third, interest rates have already risen. Over the last couple of months, they have gone from the mid three's to the mid 4's. Current rates are low by historical standards, but they are having an effect on demand.
Fourth, how long are you planning on staying in the area? If you have stable jobs and you are likely to stay with the same employers long term, buying may make more sense. If you will be transferred in two years to another state, not so much. Buying with little or no money down puts you underwater from day 1, because of the transaction costs. Selling WILL cost you a lot of money if you have to sell shortly after buying.
Because I have always lived in coastal California, I do think of a home as a good investment. Since WWII, demand here has almost always outstripped supply and prices rose faster than inflation. You will have to look at the numbers in your area to see how a housing "investment" performs over time.
If you decide buying is the choice for you, I would buy less than I could afford. Not being maxed out on payment gives me some breathing room if something goes wrong.