<prompt> Human: So my situation is this: I currently have enough cash gift from grandparents to make a down payment for a cheap apartment near my university which will save me about 3 hours commute time per day. This is the kind of apartment I would have bought anyway after university, since I do not plan to start a family anytime soon. Is there any reason why I shouldnt buy the apartment right now? Even considering the mortgage and the money I could have gotten from investing my cash, I still dont think it would be worth 3 hours a day of time.  <response>: Is this the only apartment that is less than three hours away? If not, that line of thinking sort of ends there. It seems very likely that there are apartments for rent in the area.Whether or not you buy the apartment should depend on the relative costs of both, and whether it is a sound investment. Will it be cheaper or more expensive to own? Is it in a growing area where youre likely to get a good return on the investment? When considering the cost you should also consider the cost of repairs and taxes, something that would be free to you if you rent. This means having several thousand in savings for repairs and maintenance. I generally prefer to have around 10-15k US. Not having enough in savings will mean having to borrow money, either in the form of lines of credit, equity loans, etc.. Check your locality for property tax rates.Theres also an added responsibility that comes with ownership. Youll be responsible for performing repairs and maintenance. How much of your time this requires will depend on the place itself. All that being said, if a person is generally prepared to own a home, I think its a good idea if they plan on being in an area for more than 5 years, especially considering property values where I live. It seems like a lot to take on. Do what will make you most successful at school. 