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Owning vs Renting
#1
Do most residents buy a house or rent during residency? For those who bought, what price range did you buy?
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#2
I am a new PGY1 and we bought. We were pretty easily pre-approved for the low $200,000 range with just my contract and at least in our city it was pretty easy to find a decent house in that range. This is a long residency and at least to our (my wife and I) minds it makes a lot of sense to buy if the market in the city where you match is decent.
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#3
If you're really tight on money you can always rent for the first year then buy a house. It's nice to be able to sell your house (or mortgage) after 7 years
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#4
Really necessary to buy? I asked the PD at the program I will hopefully match at and they said most residents buy. After reading a few articles on WhiteCoat Investor I've kind of been talked out of it.
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#5
Read White Coat Investor or at least join the FB group.
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