Renting or applying for mortgage?

I just don't know what to do now. Renting is so simple and no commitment, but Id be spending 700 a mont just on rent. However there are condos and townhomes nearby going for just 50 to 90k. I can apply for a mortgage and pretty much easily get one, I make decent, absolutely no debt, credit scores above 750, very large savings, etc. What would you do??? any more pros and cons I am not thinking of???