A rule of thumb is:
assume your monthly rent is $x, then x * 12 * 20 (20-yr rent) is the dollar amount you should buy.
Paying rent is like throwing $ into blackhole: true.
but buying a house itself cannot save you: paying property tax and paying interest are also throwing $ into blackhole (esp. when your downpay is low).
if you are not ready, stay calm and do more research. House price is nowhere from soaring now.
House is a very ill-liquid asset, play safe is better.
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