I bought in med school (MD/PhD, so I was here a while) and will probably buy in residency because I'm going somewhere with a low COL. However, there are advantages to renting. For those who have never owned a home (condo, house, whatever), it is always more expensive than you think. YOU are responsible for all repairs and upkeep. If the A/C breaks, replacing it is VERY expensive (thousands of dollars). Also, housing prices are never guaranteed to go up. They often go down. Yes, as a general rule, real estate appreciates. But we're talking about an INDIVIDUAL place. It's like comparing the stock market to ONE little company. And, as a homeowner now, there are no tax breaks for me because I don't pay enough in costs to beat the standard deduction (even when I was single).
Also, a caveat with condos. They do NOT tend to increase like houses because of the undercutting. If you ask $100K, someone else with the EXACT same condo can ask $95K and he would sell and you wouldn't. I have a contract on my condo right now (wish me luck on the inspection tonight). There were three on the market. I asked $4000 less than the others, and I had a contract within 48hrs. The other two have been on the market over a month with no hits. Remember, if you buy, eventually, you must sell...