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Looking for advice in this tough market - buy a condo or continue to save at home

Hi everyone,

I’m looking for some advice. I’m in my mid 20s and have a full time job with an annual income of $75k and an annual bonus target of $6k per year. I drive 1 hour one way to work, while still living at home (finished apartment basement, mother-daughter layout) with my long term girlfriend. Ideally I’d like to cut my commute in half and I found a condo that seemed affordable on paper (~$210k). The place is small but seems very clean and newly renovated.

I have about $35k saved between checkings and savings, $11k in personal investing, $10k in retirement, $2800 in cash.

I was wondering if a monthly cost of between $1500-$1800 + the cost of utilities while building some equity will potentially outweigh saving at home for a single family which is the goal down the road.

It’d be cool to be able to pay the condo completely off when my girlfriend finishes her masters and gets a job. Also would like to be able to rent it out for potential some secondary income…or even if I sell down the road, the thought of having a (hopefully) appreciating asset sounds nice.

submitted by /u/johncvrlo
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source https://www.reddit.com/r/RealEstate/comments/1cibxas/looking_for_advice_in_this_tough_market_buy_a/
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