Now, here's my dilemma -
Should I go all-in with stocks? Or should I save for a down-payment for a small condo? Or maybe invest 30% and save 70% for a down-payment?
I'm single and childless, and plan to keep it this way (personal choice). I live a very minimalistic life, and value freedom above everything else. Up until now I just wanted to be a life-long renter, as I really don't want to be tied down to a specific location at this point in my life. I love to travel and would like to see the world. However, I'm getting really tired of living with room-mates, and renting an apartment alone here is pretty expensive. So buying a small condo is getting more and more tempting.
I know this is a very personal decision, but I would love to get some advice from someone who's been in my shoes before!
What pros and cons should I be aware of regarding these options?
Welcome!
First, I just want to point out that these two options serve two different purposes. Investing in a stocks (via a low-cost fund) is building a 'stache FI, while buying a home is more about having a permanent place to live (which can have both good and bad aspects) and less about being FI.
My initial, gut reaction whenever someone asks this question is that they should be investing as much as they can. If/when you are certain you want to buy a home you can start saving for a down payment (and you can use some of that money you've been investing for that purpose).
You mention not liking the roomate situation - it might take some work but this can often be solved by finding a place that allows you to have a lot of your own spaces - not just your own room but also your own bathroom and private entrance. Finding the right roommates (ones you share interests with and want to spend time with) also goes a very long way.
Also - if you think studio apartments are expensive, I can assure you that owning your own place as a single person can be even more expensive. You become responsible for all the upkeep, repairs etc. and you loose the ability to move quickly when an opportunity becomes available (job, traveling, etc). +1 to
pbkmaine's link to the rent/buy calculator.... check it out and input numbers for your area... owning can be effing expensive, particularly if you move frequently.
glad to hear you have such a high savings rate already - that will open up lots of options for you down the road.