If you were to buy a property with a 30 year mortgage (4.5% interest) you will have paid just over 5% of the prinicipal amount of the loan. Depending on the loan, transaction terms and purchase price you could pay 1-3% of closing cost to purchase the property. Plus any repairs to make the property liveable. To sell the property you would pay approximately 8 to 9% of the sale price (commission and seller closing costs). The market in Michigan appears to be getting better, but could still go down, be flat, or have a slight gain in the next three years. I would think renting would be the best option, buying a property would most likley have more risk than reward. Best of luck in obtaining your law degree.
Keller Williams Realty