nu awlins ag,
My only rationale for renting vs. buying initially is that IF the drought persists longer than projected, it could be difficult to sell a home in Midland if you had to. When you do buy a home, you also might look at an area where you could drill a well. In an effort to tie this conversation back to your original post I will offer the following. Buying a home with a well (or somewhere you could drill a well) would impact what public school your child might attend.
I'm not trying to be a fear monger, but I would want all the facts if I were thinking about moving to the desert. FYI I grew up here and own a home here.
[This message has been edited by WW99 (edited 12/16/2011 11:35a).]