conversation: User (personalfinance123): "I think I would like to buy a house or condo in the next few years. But am unsure about when I should do it. I am not sure at what point the tax benefits of being a property owner offset having a smaller down payment.\n\nHere is my information:\n\n**Age:** 24, Single, no kids\n\n**Debt:** $0\n\n**401k:** $4,500 (I do 4%, which is max matched)\n\n**Roth IRA:** $12,000 ($10,500 contributions which can be used for house)\n\n**Trad IRA:** $2,000\n\n**Individual Acount:** $47,000 (stocks and ETFs)\n\n**Cash:** $5,000\n\n**Savings rate:** $2,500-$3,500/mo\n\n\n**Income:** ~$80,000/yr (will increase to around 100k/yr in next year or 2)\n\n**Current Rent:** $600/mo\n\n**Other monthly payments:** $150/mo (insurance, phone, netflix, etc)\n\n\n**Desired house/condo price:** 300k-450k\n\n\nSo my question is, at what point (in terms of down payment) should I buy a house/condo? I am not a huge fan of monthly payments and I don't want to spend a ton of money just on interest. But, I know there are some pretty good tax benefits to owning property. And I would enjoy having my own place at some point fairly soon. I live in Austin, TX and property prices are increasing due to it being the fastest growing city in the US, so that does play a bit into my decision.\n\nWhat thing should I be considering? Should I just continue to save and live well below my means and let my investments grow over time?\n\nI would be happy to provide any more information that might be necessary.\n\nThanks for any advice you might be able to contribute!\n "
  Self: "I strongly discourage people from buying a condo. They tend not to appreciate as their density makes it easy enough to build a new building if the demand is there. Value is further suppressed by the fact that the new building has better amenities and lower monthly association fees (older buildings require more maintenance).\n\nAs a young person you also lose the flexibility in being able to relocate to pursue work opportunities."
  User (personalfinance123): "Those are great points. Would your last point hold true for a house as well?\n\nOne thing I would prefer about a condo is I don't want to spend much time doing yard work and house maintenance.\n\nI guess I really like the idea of living in the middle of downtown for some period of time. "
  singeblanc (singeblanc): "&gt; [NY Times rent vs. buy calculator](http://www.nytimes.com/interactive/business/buy-rent-calculator.html?_r=0)\n"
  