The rent vs. buy choice comes down to your options for mobility. Right now, buying is cheaper than renting but if you do not plan to stay at least 5 years, then renting is the safer option. Also, buying does involve some upkeep; less so if you purchase a condo, but some. As you are in your mid-20's the long-term benefits of property ownership may not mean a lot, but even shorter-term, there are income tax benefits to be had over renting.
I guess the key decision is how long you plan to stay in or around Indianapolis. If your career allows some progression without changing cities, then you should seriously consider buying.
Give me a ring and let's talk about it.
Avery Garrett, Realtor
Coldwell Banker Kaiser
This would be a decision that only you can make. Interest rates are steady rising, the higher the interest rate the higher your mortgage payment will be. Financial Analysis are predicting rates will be at 5% by year end.
Let me know if you want to talk further. I have a great lender who can also offer advice and help you consider various cost projections.
Real Estate Broker
I am also in my mid-20's and I can totally relate. I have had many clients who are first time home buyers as well and we have had very good rapport. I would be more than happy to set down and see whether buying or renting would be most beneficial to you. No commitment required. Call, text, or email me and we can set something up.
I look forward to talking with you soon!
Associate Broker Carpenter Realtors