Continue renting or time to buy?
First things first. I live in CA. San Bernardino County.
I was thinking about maybe taking advantage of the housing market and buy my first home, however there are pros and cons about doing so.
We have a combined income of $ 4000/month.
Our current rent is $ 600, estimate bills monthly $ 700(not counting groceries, eating out, misc spending, fuel for cars).
We are on a debt management program for $ 1009/month with a low double digit total figure. 3 year projected payoff.
The total amount leaving every month is $ 2309.
Our financial obligations ($ 2309) minus our combined income ($ 4000) is $ 1691.
That said, I try to save $ 1000/month towards savings and emergency fund, both separate. That leaves us with $ 691 to use towards food, fuel, etc.
With that said, and I think I covered all the basics, should we continue renting a 2 bed, 1 bath apartment with 5 people (myself, other half, 3 kids) or get into a 3 bed, 2 bath plus 2 bonus room house for $ 148-150K?
Before I close out, I know that we would be adding another $ 600-800 a month to pay for the mortgage and the bills will obviously be higher in a bigger house. So another big question is, do I start buying a house which is an investment or should I stay in my current situation and continue saving the difference?
Thanks to all who respond seriously.