Is it worth it to buy a home (condo) as a graduate student? I've just been accepted into a PhD. program in Austin. The average time for completion is 5.5 years. Instead of moving from place to place I'm thinking of purchasing a condo there in the $75-85k range. I'm 21 and graduating with my B.S. this May. I have no student loans. I own my car. I've paid the most of my tuition + rent + insurance + CC+ my car without parental help. I pay for my CC in full always. I also have $4k in Roth. My acceptance into the program includes tuition waived, free health and dental insurance, one year of Roth IRA paid and a $2500 "signing bonus." Most importantly, it guarantees an annual $24,500. There is no state income tax in Texas. However, I cannot work under the school's contract. Many grad students buy their own apartments. In the same building, rent for a 1BR/1BA is ~$500-700 and many of the grad students there I've spoken with have mortgages in the $700-800 range.
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Buy your property...for a loan that small you probably wouldn't be spending more than 10k a year on a mortgage. Plus when you are finished with your program...you can sell your place and make money with appreciation. Also the interest you pay on your mortgage will be tax deductible. Good luck and it sounds like your doing great!
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