Figure out the amount of the mortgage payment you can reasonably afford. If you buy a home you also must take into account the property taxes, utilities, and essentials such as lawn mower, appliances and draperies. Some of these items may come with the house. If the mortgage plus expenses is similar to what you are paying in rent, then purchase may be a good decision. If mortgage plus expenses is quite a bit more than your current rent, look at how much disposable income you will have to pay your debt down and have enough money left for regular living expenses. If your debt has a low interest rate, you can pay it down gradually. If your debt is at a high interest rate, try to pay it down as soon as possible.