So, I have found a condo that is roughly in the same location as my current place (a few blocks away), but I am not sure which is the smarter choice between buying a condo or remaining at my current location (renting)
Currently living in a 2-bdrm apartment. My portion of the rent is 700 all-inclusive. Current salary after tax and benefits is $44,000. No debt. Monthly expenses vary between $1,700 to $2,000 (incl. rent). I am 24 and don't foresee a change in my city any time in the near future.
2-brdm Condo - ~$210,000 purchase price. Would require me to expend pretty much all of my savings (~$42,000) for a down-payment. Condo fees are ~$750/mth. They include most expenses (except internet) and include recreational areas. Property tax is 200/mth. I could rent a room for ~$850/mth.
Would this make sense as a purchase?
I am torn on depleting my savings, which would leave me without an emergency fund. It would cost me more per month than my current arrangement. Conversely, the condo is nicer than my current place (I currently live in a fairly old building) and would place me slightly closer to work.
Any thoughts or input would be appreciated. I also don't know how my my tax scenarios would change between these two options.
Thanks in advance.
EDIT: The consensus seems to be that I should stay away. Thanks all.