Becoming a homeowner is a common financial goal for many Americans, but economic challenges like student loans and high home prices make it difficult. To determine if you're ready to buy a house, check your credit score, get preapproved for a mortgage, and ensure your mortgage payments don't exceed 30% of your income. Plan to own for at least 5 years to build equity, have insurance coverage, maintain an emergency fund, eliminate bad debt, and base your price range on stable income. Consider both financial and nonfinancial factors before making this significant decision.