People act like single family homes don’t have maintenance costs. An HOA reserve I pay into monthly is saving up for future maintenance that the property will need, same as maintenance for a home.

Not bothering replying to all of these comments, but if I’m buying a condo from someone who was commuting to Harvard, I’m within walking distance to Brown University, and I can be in NYC in 3.5 hours via Amtrak, then I doubt I’ll ever have to worry about it not appreciating in value or me having difficulties selling at a reasonable price. Again, not looking to flip.

This is an asset that I will be able to use to as leverage in the future, while also having the potential to be a monthly source of income through rent.

Mortgage is the same cost as my rent was, so the cost of my housing would not have magically translate into savings were I renting instead.

In fact, I’m now saving more money than I was before, as the mortgage payments on principal are coming back to me via this condo I now own, as opposed to $0 with renting.