Buy house/get engaged

My boyfriend and I have been together for more than 4 years. We have been looking into moving in together and buying a house and have also talked about getting engaged. We have started to look for houses and create our budgets and I’ve been building up so much excitement in my head. Today, my boyfriend finally decided to tell his parents our plan and they do not approve. I make more than my boyfriend and they think we should wait until he gets a better job. We are also both in college and they want him to graduate first. They think we are too young (21). I’m not sure how to feel. I was so excited and he is saying his parents are right and now everything we have been planning for the last 10 months was for nothing. Are his parents right? I feel that there is never a PERFECT time to get engaged and move out. If we want to and CAN afford it then why do we have to wait because someone disapproves?

Wait until we make more and are older?

Do it now and live our own lives?