Buy a personal residence or invest first?

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Hi everyone. Right now my wife and I rent our personal residence and we're wondering if we should buy a personal residence or a rental first? We're thinking the smartest choice for us is to buy a personal residence first because buying something comparable to what we rent now would cut our housing expenses by close to 50%. There's probably a lot that we haven't considered though, so I'd love to hear your perspective. We're also considering house hacking, but probably not going to go that route due to personal preference.