xynder wrote:I am currently renting for about $900/month. However I am wondering if it is a good idea to buy a house as the payment would be the same or less for a reasonably priced home.
If you plan to stay in the house at least 5 years after buying it and you can get the payments to be $900, you might as well be building equity. Of course, there will be expenses in addition to your mortgage: maintenance/upgrades, insurance, property taxes.
Now for the down payment:
xynder wrote:Age: 27
Income: About $95k
Employment: Federal government/tenured civil service, very good job stability
401K: About $46,000
Roth IRA: $15,000
I max my Roth IRA and 401K every year.
This implies you have been building your accounts for 3 years. If you decrease your 401k and Roth contributions, you should easily be able to save $40-50k in 3 more years, or even more if you look at this as your short-term goal. That will make a good down payment and emergency fund. During that time, you should realize WHY you want the house, for other than financial reasons.