Will you need to move in under 8 years?
Especially with today's higher down payments, it is anywhere from around 6 to 8 years before a home buyer can expect to get their money out of a home sale after the costs of sale. Those can be significant. If you're not sure about having to move being out of your control, buying may not be wise. It may be best to look for a one bedroom apartment in Ridgeland, SC.
Are you just starting a new family?
This isn't a problem really unless you do like many first time buyers and get into a starter home that's fine for two of you. However, when children enter the picture within a few years, will you be pushed into upsizing and selling before you can recoup your costs, much less get any appreciation in equity?
Are you trading travel costs in this choice?
Many of today's best jobs are in technology, financial and medical sectors, and these companies tend to locate in large urban areas. Buying is usually much more costly close to the workplace. Moving farther out to buy affordably can result in hundreds of dollars in travel costs every month. In this scenario, looking for a one bedroom apartment in Ridgeland, SC may be a great choice.
The smart move is to consider every factor impacting your lifestyle, instead of just looking at a direct cost breakdown. Sometimes renting may be a good "now" decision that you can far more easily change later than taking the buy first approach.