<prompt> Human: I will be graduating and starting to work in Chicago. I will make about 70k base salary plus 35k bonus. I plan to work in Chicago for 2-3 years salary should increase 25 before grad school maybe in Chicago, but unlikely. I have about 8k in savings now and wont have student loans full ride scholarship, yahooo!. My credit score is 780. I am searching for studios. Rent runs about 1400k for the neighborhoodquality I am looking for. On the other hand, I could buy a similar studio for about 160k. Is it possible to take out a loan with minimal down payment and purchase a studio at my income level and savings? Would this be advisable? What are some of the less obvious pros and cons of purchasing a studio that I may be overlooking?  <response>: Common advice is that you shouldnt buy if youre planning to sell in fewer than 5 years because you wont recoup your fees and closing costs.In reality this is going to depend a lot on property tax rate, closing costs, and any HOA fees you may have to pay. A 160k studio might look more affordable, but once you add all those extra costs in, it may not be worth it.Just as an example, heres a property in the 160k ballpark Base mortgage is 740 with 5 8400 down. Add in the 415 HOA fee, and youre up to 1155 monthly. Thats not even taking into account taxes, homeowners insurance more expensive than renters, and PMI because of your low down payment.Also if youre only planning to stay short term, you are really gambling. If the market drops, youre either stuck or you have to sell at a loss. Youll be underwater because youve built so little equity.Since you dont intend to stay long-term, is it worth being tied up for a few thousand dollars in savings if youre lucky? 