I'm a real estate investor. My advice is keep renting where you are. You don't buy your house unless it would be a good investment. Buying in a HCOL area is almost never a good investment. If you need to move away and rent it out, it will make a dismal return. Even if you live in it long term, I'm not convinced the appreciation makes it worth it. As you pointed out, you are saving money renting instead of buying. By the way, there are lots of expenses on top of your mortgage expense. Taxes, insurance, HOA, repairs, capital expenditures, to name a few.
Don't pay that low debt off, invest the money somewhere else. Personally I would rent where you live, and buy a house in a market where cash flow is better (not a HCOL area). You could invest with partners in a different state, or in multi-family real estate through a syndication deal, or just invest in index funds and stay out of real estate.