Stretch our means to buy a home in a VHCOL area or continue to rent and save?

Me (36F) and my husband (36M) are approaching a crossroads. We live in an extremely HCOL area but we make a decent living ($330k)for the area. We also have two kids in daycare that eats a significant part of our take-home ($3400/mo) and rent ($3200/mo). We both max out our 401K and my husbands company has a SPP that he also maximizes. So, push come to shove, we could increase our take home by scaling back on those.

Move-in ready SFH in our area that would have a tolerable commute to both our workplaces start at ~750k but the market is very competitive and it seems everything is going for more than asking, even if it ends up sitting for a while.

We only have about 100K we’d feel okay putting down right now given closing costs and repairs and still wanting an emergency fund.
Townhomes and condos are of course cheaper but we would really, really prefer to buy a SFH.

The other caveat is that, if everything else remains stable, we will be done with that huge daycare cost in about 5 years, significantly increasing our budget.

What would you do? Given that we don’t have a huge down payment, I’m wondering if we should just wait a while till we have more saved up and/or we’re closer to the no-daycare days. And given our age, a 30-year mortgage is going to follow us into retirement anyway so what’s a few more years of renting?