The stress test is where a $150K income actually gets tested, since a lender qualifies you at a rate higher than your contract rate to make sure a future renewal does not break the budget. That margin, not the down payment, is usually what decides how much house this income supports.
Renting avoids that qualification pressure entirely and keeps a down payment growing in the meantime, which can be the better move if debt is on the higher side right now. Buying locks in a housing cost and starts building equity, which pays off more the longer you plan to stay.
Joel Dyck can price out a specific property against this income before you write an offer. Get your hand-reviewed valuation from Joel Dyck.