Continue renting or time to buy?

If you are seriously considering buying a house you have to get with a good realtor that you feel will represent your interests, it may take several before you find one you are comfortable with. Then, get prequalified for a mortgage so you know you are looking in the correct price range. Whatever they tell you is affordable, cut it down so that you have extra money for emergencies etc. ( they will always go to the maximum amount so you spend more, precisely why the country is in a mess right now - be prudent). Then just look at bargain properties and Take Your Time - there are going to be even more foreclosures etc. this year because all of the loans have not gone belly up from 2007 yet. So prepare to see more properties hitting the skids. If you find a property you like and can realistically afford, get a home inspection from a reputable, licensed and insured home inspection company. It's not a bargain if it needs major repairs, and sometimes they are hidden to your eye. I have been buying, renting, and selling properties for many years, it is how I made the bulk of my money. Property is always a good investment - IF - you keep your eyes open, your emotions out of it, and follow the proper steps. Also I would have to ask you why are you saving $1,000 a month when you have the outstanding debt that is going to take 3 years to pay off ?? If you can, only save half that amount each month and put the other half towards paying off that debt. The sooner you get that off your back the better. You seem to have a good handle on where your money goes, that's important, so is saving, so you are mostly on the right track with your finances. Also remember that if you don't have the 20% to put down on a property you will have to pay the mortgage insurance until you have 20% equity in the home built up, and it can be expensive. Make sure you check that out. Best of luck. In the long run, purchasing is a good bargain - renting gets you nothing, no matter how many years you rent you walk away with zip.