Residency

Home ownership during residency

Residency Program Insider, September 23, 2016

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After medical school, residents earning a steady income may be tempted to purchase a home but there are several factors to consider before making that decision. Buying a home and building equity may seem like the better option, but renting has its own advantages. Rental costs are more predictable, while homes may require additional money for unexpected repairs and maintaining the property.

Residents should also consider how much more debt they can take on when deciding if home ownership is right for them. The amount of student loan debt a resident has, along with its interest rate, may make it difficult to save up for a down payment for a home. If the loan’s interest rate is high, it may make more sense to prioritize loan repayments over saving for a house. 

Source: Medscape



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