Condo vs. Apartment

[kentuckywildcat]

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Paying $500 rent for 36 months = $18,000

$60,000 small house down payment = $12,000
Monthly mortgage = ($250)
Roommate rent payment = $500
Monthly net = +$250

Doesn't it make more sense to purchase a condo/small house vs. renting during PT school? If you have the downpayment funds of course. I understand that there is a lot that goes into purchasing a home, but from a financial point of view, you're making $250 per month vs. paying $500 in rent.

Thoughts?

 

[atstudent]

Don't forget things like property taxes, home insurance, possibly more utility costs, etc...

 

[469738]

A couple things come to mind (so food for thought for you)- Is 60k a reasonable figure for a small type of house? I do not personally know many places off the top of my head that 60k will buy any sort of house personally nor with a 250 month mortage. Since I have no idea where you live, If this is a reasonable figure for where you are looking at PT schools, a couple roommates could increase your income potential as well. Also, remember that houses need maintenance unlike apartments and that can be a sigifnicant cost in time / money.

Appartments also offer another advantage as when you graduate from DPT school you can almost move anywhere since you will not have a house that is tieing you to one specific location. You can also rent houses / condos if you do not want to live in an apartment. If you rent a house or a mulitple bedroom apartment you can also get roommates to reduce your monthly rent.