<prompt> Human: Hi PF, long time lurker here-Im hoping to just get some insight here because Im going back and fourth between what I should do as far as my living situation goes.Currently:Renting 1,200mo 250 in utilitiesDebt: 21k Student Loans 19k Auto LoanEmergency Fund of 3k 10k in SavingsMy lease is coming up on my apartment and Im finally thinking I should start looking into owning. However, Im still on the fence if its the right thing to do.I know that renting does not equal owning as there are endless costs that a homeowner can incur while a renter is covered. Leaky faucet, pipes clogged, broken AC etc. So, I have that mentally covered and do realize that Im going to have to deal with it. However, in my area PHX metro there are a lot of nice houses that I think I could slide into pretty easy. Anyway, thoughts on continuing to rent any pay down my debt vs. moving into a home using an FHA at 5 down? Assistant: You dont have enough money in the bank and you have too much outstanding debt. Keep renting until you have 12 months of living expenses in an emergency fund. Downsize your current living situation if it helps you save and pay off debt quicker.Human: When you say way too much, how do you mean? In all honestly, how many home buyers have little to no debt? Even if I didnt have student loans - Id have a car note and likely some personal CC debt, so then what would you say?Assistant: Why do you think it is okay to have a mortgage on top of your existing 40k debt? If I were you, I would pay all of those 40k debt off before considering to buy a home.When I bought mine in 2015, I had no debt at all. Not a single dollar credit card debt nor student loan nor car loan. I was driving a 1992 car btw.Edit: grammar and clarify that I bought my house in 2015 while driving a 1992 car.Human: People on here drive me crazy sometimes. I just dont understand the thought process.Assistant: Youre opinionated, its ok. Thought process of transitioning from renting to potentially building equity in a home is pretty obvious. Holding all other rent vs. owning variables constant repairs, HOA this conversation actually makes a lot of sense. Sure, you incur 300k in debt on an asset but youre also putting money towards something as well. While I agree paying off debt is important - my initial question was not that outrageous.  <response>: Wait, so youre talking about buying a 300,000.00 house on top of that debt? Even at only 5 down you dont have enough money to pull this off. 300000.0515000. You also have closing costs to consider. Thats another 5000. Youre already in the hole 2000 and you havent even started factoring in any improvements or upgrades you will have to do to the house. And you have zero money saved and youre in debt 325,000.00.Dude, youre living in a fantasy world. I am 100 sure you will find a lender out there willing to let you give them monthly payments on a place for 3 to 6 years before you finally go under and they take it from you. But listen to the advice youre being given here for free and dont do this. 