Should I buy a cheaper condo or more expensive SFH?
In the crazy housing market of CT. 90k income and 110k savings. Goal is to get a starter home for 3-5 years to build equity from rapidly rising prices from new yorkers moving here before getting the forever home. I've been outbid on multiple houses under 300k and the market under 300k is becoming nonexistent for a sfh. I've finally got an offer accepted on a end unit townhouse 2bed/1.5bath 1050sqft with a garage for 190k which is actually almost 35k below current market value due to 10k in repairs that im able to do myself. I know I can make decent equity even with possible special assessments figured in but I fear I will be priced out of getting into a SFH. 3 years ago Sfh that were selling for 250k are now 350k plus and I am fearing that if I don't get a Sfh now then I will be priced out of owning one in 3 years if those same starter homes rise to 450k or more. I can save way more with a much cheaper mortgage (1700 with hoa fees) that equals my current rent and much less money down (20k) on the condo and build some equity and keeping my savings in a mix of stocks and HYS. I can also possibly build significantly more equity if home prices continue to rise the way they are on a house around 325k, but I would have to use most of my savings to keep my mortgage manageable (2000 per month) and deal with repairs and still not be able to save as much and lose out on any gains in the stock market. Houses in that budget would never be my forever home either. Multifamilys are out of the question as they would never give cash flow for what they go for here and I dont want to be a landlord. Continuing to rent is also an option but to rent is equivalent to this condo anyway. What do you think?