I normally recommend that people only consider purchasing if they are near 100% sure their family/work situation will not change (you will not need to relocate), or that the property can cash flow as a rental (i.e. you'll get more rent every month than you pay in mortgage, insurance and upkeep). The only guaranteed way to make money owning a house is to own it for a good long time. You can certainly turn a profit in the short term (I have twice), but there is more risk of failure. And let's face it, a house represents the bulk of our life savings for most of us, so you don't want to gamble. If the house doesn't suit your long term needs, keep renting and putting money in the bank.

However, with interest rates approaching the redonkulous, I'd say you can be a little less cautious :chuckles:

:edit: If you are trying to keep your housing costs under $1000, you should shoot for like $800 PITI. Shit comes up, and it gets expensive.

Also one thing to consider, on average, condos appreciate at a slower rate than detached houses. Mobile homes DEPRECIATE in most cases, and you're still paying rent on the land. I would not consider a mobile home an investment. It may be an affordable housing option, but you're not going to enjoy the primary benefit of ownership, building equity.