Here is the situation:
My husband and I are newly debt free (this month)! We live in Clackamas (a suburb of Portland, OR). We would like to buy a house but the minimum starting price in the area is 330k. We currently rent a 1br/1ba condo for $1475 that is a 10 minute walk to work. There is a 2br/2ba condo for sale in the same complex for $177K. With 5% down a 15 year mortgage would be $1700/mo. After that the financial responsibility would be ~$5588/year (property tax/HOA/insurance). HOA includes w/s/g. We have ~8 years until FI. It is possible we would relocate after we retire.
Should we keep renting for the foreseeable future? Should we wait a little longer and see what housing prices will do? Is paying HOA fees forever financially irresponsible? I do feel like condo living would be a little disappointing- no chance for a garden, less privacy, but the 10 min walk to work/grocery/ect is so nice.
Thanks for your input!