Also, rent is always going to cost more than owning, unless of course you get foreclosed upon. You have absolutely no equity in a rental, and you don't increase your net worth at all. Even if your equity in a home is negative at the present time, each mortgage payment you make increases the equity and adds to your net worth. If the equity is positive, you can qualify for home equity loans, and if your home sells for more than what you owe on it, and you have some cash left over after paying commissions and title fees, you made money. Renting never gives that option. However, based on reading upon your situation, I would rent for two years and see how you like the area, but more importantly put money in the bank. More money for a down payment gives you a much better chance of qualifying for a loan.