Your house buying plans depend on finding well priced properties, i.e. preferably underpriced compared to others with similar specs. HVAC & appliances should be no older than 5 years; if not, plan on replacing them, especially when you go to rent it. Finally, run the math on the total debt you'd be carrying, plus a reserve for any breakdowns or vacancies.
In the interim, I'd want to be debt free; even if the interest rates are low, you're still paying the bank. With your new salary, you should be able to max your 401K & an IRA for each of you. A Roth IRA can be tapped for a first home without penalty or considered an emergency fund, but I'd make any withdrawal only as a last resort because you can never put the money back in to get the tax-free compounding.
Your new job will be the one that really counts for lenders, i.e. income level, the masters degree, & the kind of experience you will gain. Your previous experience likely helped you land it, along with the degree, of course.
My DS is also finishing his MSEE this spring & will be starting his first full time job as an Applications Engineer this summer. He's single & will rent an apartment for at least the first year while he scopes out the area & the job.