<prompt> Human: Hi PF, I have a dilemma here and want to know what you guys think is the smartest decision. Right now the fiancé and I are 25 and 26 renting in an expensive 2kmo apartment in Miami. Everything in the area is pretty expensive. We both make roughly about 120k combined a year and have been thinking about purchasing a house. Our downpayment fund is relatively small as we have a total of 60k cash in our account so we dont want to use it all on a downpaymentSo our dilemma; we found a house for 345k and want to make an offer of 325k. We would have to put 35k down which amounts to 7 and covering closing costs. Our mortgage payment would be about 2400 and that covers PMI, taxes, and insurance. Would it be a wise to decision to either a purchase the house right now instead of having to rent another year and start building equity or b rent a cheaper apartment and save for one more year; enough cash to put 20 down, avoid paying PMI, and possibly have close to a 2k mortgage payment?  <response>: Option B sounds better to me, doesnt it to you?Renting isnt throwing your money away, especially in Florida. Keep saving up and dont jump on board unless youre 100 ready. 