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Originally Posted by exitspeed
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BTW I just bought a 3 bdrm, 2bath ,1800 sq ft ranch with an exposed basement on a half acre in a subdivsion in New Berlin WI for $225,000. I'm sure a home like this would be waay more in Cali, but I know a home like this would be waaay less in say GA.
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Home prices in the midwest kick ass. This year I bought a brand new 2800 sq.ft. 4 bedroom/3 bath ranch with a finished, walkout basement, 3-car garage, etc. for just $225k. If I still lived in Phoenix, it would have cost twice as much.
But to get back on topic and stop bragging, credit score and amount you can put down make a big difference on your monthly payment. Put as much down as you can, and don't forget about closing costs. As mentioned above, do not buy with someone you're not married to because it's a legal mess, but make sure you trust your roommates to pay each month. I know a guy who was renting a 5 bedroom apartment here in Iowa City for $2000/mo (it was an awesome place, top floor of an old converted library, he had a massive dome over his living room), but he kept getting deadbeat roommates who didn't pay, leaving him to foot the rent.
Buying a house is a great idea, you build equity that can be used towards your next home, and the ineterest is tax-deductable (assuming you itemized deductions are greater than the standard deduction). Don't forget about the cost of maintenance, though.