Congratulations on your move and on Going to School! The housing market in Pensacola is great for Buyers. You can buy a home for less than what you would pay in rent. If you're not sure that you'll stay in the area once you're done with school, I would recommend buying something that will be easy to rent. Moderate size, convenient to stores and restaurants will be a plus and a house in good condition preferably updated will help when trying to resell or rent out.
Try signing up for MLS email updates for various locations in our area so that you can get familiar with various neighborhoods and prices. By the time you come to the area, you'll have an idea of what you like and what you don't.
There is a Home Search feature on my Blog as well as a Free Foreclosure List which gets updated daily in case you're looking for a deal. MovingToPensacola.Blogspot.com
If you have any questions, don't hesitate to ask,