I did a quick search for “buy or rent” and some of the responses helped quite a bit, but I feel the need to add a spin to our question.
It seems that cost of rent in our area (Alexandria, VA) has gone up quite a bit. The places we’re looking at to accommodate our work-from-home situation costs about $2.5k+ per month in rent. We’re coming to the end of our lease this October and we currently have about $20,000 in the bank and some student loan debt ($50k) and credit card debt ($10k).
Some quick crunching of numbers tells me maybe we could buy a cheap condo $350k and payments on that will be about the same as rent or less.
Should we keep renting and I throw our savings at our debt? Or…would buying a condo be justified/smart if we plan on moving out of it in two years, turning it into an investment property?