React Hook recipe from https://usehooks.com. Demo: https://codesandbox.io/s/711r1zmq50

use-debounce-example.js

import { useState, useEffect, useRef } from 'react';

// Usage
function App() {
  // State and setters for ...
  // Search term
  const [searchTerm, setSearchTerm] = useState('');
  // API search results
  const [results, setResults] = useState([]);
  // Searching status (whether there is pending API request)
  const [isSearching, setIsSearching] = useState(false);
  // Debounce search term so that it only gives us latest value ...
  // ... if searchTerm has not been updated within last 500ms.
  // The goal is to only have the API call fire when user stops typing ...
  // ... so that we aren't hitting our API rapidly.
  const debouncedSearchTerm = useDebounce(searchTerm, 500);
  
  // Effect for API call 
  useEffect(
    () => {
      if (debouncedSearchTerm) {
        setIsSearching(true);
        searchCharacters(debouncedSearchTerm).then(results => {
          setIsSearching(false);
          setResults(results);
        });
      } else {
        setResults([]);
      }
    },
    [debouncedSearchTerm] // Only call effect if debounced search term changes
  );

  return (
    <div>
      <input
        placeholder="Search Marvel Comics"
        onChange={e => setSearchTerm(e.target.value)}
      />
  
      {isSearching && <div>Searching ...</div>}

      {results.map(result => (
        <div key={result.id}>
          <h4>{result.title}</h4>
          <img
            src={`${result.thumbnail.path}/portrait_incredible.${
              result.thumbnail.extension
            }`}
          />
        </div>
      ))}
    </div>
  );
}

// API search function
function searchCharacters(search) {
  const apiKey = 'f9dfb1e8d466d36c27850bedd2047687';
  return fetch(
    `https://gateway.marvel.com/v1/public/comics?apikey=${apiKey}&titleStartsWith=${search}`,
    {
      method: 'GET'
    }
  )  
    .then(r => r.json())
    .then(r => r.data.results)
    .catch(error => {
      console.error(error);
      return [];
    });
}
       
// Hook
function useDebounce(value, delay) {
  // State and setters for debounced value
  const [debouncedValue, setDebouncedValue] = useState(value);

  useEffect(
    () => {
      // Update debounced value after delay
      const handler = setTimeout(() => {
        setDebouncedValue(value);
      }, delay);

      // Cancel the timeout if value changes (also on delay change or unmount)
      // This is how we prevent debounced value from updating if value is changed ...
      // .. within the delay period. Timeout gets cleared and restarted.
      return () => {
        clearTimeout(handler);
      };
    },
    [value, delay] // Only re-call effect if value or delay changes
  );

  return debouncedValue;
}

For a reference, here's an alternative implementation at @react-hook/debounce, along with a description why it's supposedly superior: jaredLunde/react-hook#35