Books have been written about this! I commend you for thinking about your financial situation. Here are some thoughts to get you started. There are many others who will share valuable insights.
First, how much can you set aside from your monthly budget for housing costs? If you have a written or online budget, know what's coming in and what's going out, that's the foundation. As a JO, I used to keep a written budget on a paper ledger. Now I use Quicken and the Mint.com app. My spouse and I know EXACTLY where all our money goes - whether for monthly expenses, periodic expenses, unexpected expenses, investments (short, mid, long-term), emergency fund replenishment, contributions toward short, mid and long-term goals, and after all NEEDS are taken care of, we fund the WANTS (travel, etc.). My spouse and I each have a Quicken budget category that is for our own monthly "play money," and the rule is, no raised eyebrows or snarky comments about what it's used for, as long as it doesn't exceed the budgeted amount. You should budget in some play money, but abide by your budget.
Second, are you financially fit? Paying bills on time? Not carrying a credit card balance? Have a history of paying any loans off regularly? Funding your long-term retirement accounts regularly? Have a savings plan? Emergency fund healthy? Know your debt:income ratio? Are clear-headed about wants vs. needs? As I was lightly pilloried in another thread for saying, "water is a need, beer is a want."
Third, there are many rent vs. buy scenarios. There are some who buy properties along the way, and keep a stable of rental properties. This takes skill and discipline to handle multiple mortgages, home expenses and property management, whether done by you or someone you pay. Especially during gaps between renters! Much depends on how long you are going to live in that house/condo, what the market is when you buy, and when you sell. And location! There are some who rent or opt for govt housing as the best solution for a particular period of life, and buy at the next duty station. Once you have determined what you can afford on a monthly basis without impacting other critical needs, compare costs of rent vs. buy: renter's insurance vs. homeowner's insurance, home maintenance expenses, property tax, utilities, homeowner's/condo association fees, etc. We lived off and on in government housing when we knew we didn't want to buy in that area, or the job was such that proximity was desirable. Please don't ever say: "I can afford this place if I reduce my monthly IRA/TSP/whatever long-term retirement savings."
Fourth, explore
www.usaaef.org. The USAA Educational Foundation is an independent non-profit which provides free educational material on personal finance, with no mention of usaa.com products or services. Their publications offer excellent basic info on buying a home, saving for retirement in your 20's and 30's, basic investing, stocks and bonds, advanced investing, managing important papers, budgeting, managing credit, college savings plans, deployment, and many others. You can read the .pdf of the pub, print or order a free copy. As a JO, I educated myself through their publications, and that was in the last century - they are an excellent resource.
Fifth, read up on VA Loans, one of your benefits. Go to va.gov
Ask a lot of questions, do the homework, plan for Murphy's Law.
I had a grandmother who lived through the Depression, and I never forgot how she would not eat French toast or pancakes, because she had eaten them at times for every meal of the day, with ingredients that were cheap or barterable. That made a real impression on me. In college, I worked 3 part-time jobs and started a business typing people's papers (mainframes had just come on campus, personal computing just starting) so I could pay for all expenses not funded by scholarships, and didn't have a car until I was an Ensign. I also learned to cook, which saves a lot of money and brings friends into your life. That disciplined approach, learned through trial and many errors, has given us a very comfortable life and well-planned for elder years in the future. My spouse was of the same mindset, so we had similar values in the area of personal financial management, a key to success.
This is the same basic stuff I have counseled other JOs on over the years, and as I recall being counseled by my senior officers.
Best wishes for a good career in uniform and the best of financial health.
