I am not a lender nor a real estate agent. just an everyday normal guy. but what i am doing is similar, though my financials vary just a smidge. I am looking to buy a 60-75000 house. lets just choose 60000 for a round number. I will put 10k down and I make about 15,000 annually so keeping my payments low are the goal here. I can rent an apartment for a minimum of 500/mo but by the time I add in utilites and groceries etc. Im probably in over my head. but with a house at 30 year @ 3.706% my payments are in the 470/mo range. and i have an asset in my name. ?although the difference is only 30 in this scenario it still gets my point across. buying a house can be more advantageous than renting.
just a personal preefence here but if you plan on living somewhere for more than five years buy a house, if not rent.
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