[ytlh]

Are you in a program where most people finish? This is not the case for all graduate programs. 50% of my incoming class (doctoral program) left without the final degree. Renting gives you options if you decide that the program isn’t what you want after all.

[PickledToesYumYum]

Originally Posted by donod

I am a graduate student at Yale and will be here for the next 6-7 years. My stipend is 36,000 per year and my budget for renting is 1200/month. I want to know whether I should be considering buying or renting a place in New Haven. I have a good credit score > 740 and am a first-time homebuyer. I however have only 6,000 saved for the downpayment. Any advice?
Using the NYtimes buy or rent calculator, I see that I can purchase a home worth 250k if my budget is 1000 per month.
https://www.nytimes.com/interactive/...alculator.html

What do you guys think?

I would do research on downpayment assistance grants in the areas you are looking for. I know Fairfield County has a grant for first time homebuyers, they match your downpayment amount up to 10K. So if you have 6K for downpayment, they will match it and you'll have 12K to use as a downpayment.

Here is the link:
https://www.fairfieldct.org/filestor...ield%2C_CT.pdf

There is also a reputable housing association that assists with downpayment, helps with closing cost fees and offers below market interests rates with the option to buy down your interest rate down to 0.25%. My sister in law used them to buy her first house.

Here is the link:
https://www.naca.com/

Hope that helps. Good luck!

[Stepfordct]

Yale employees have a 10K? Grant given to homebuyers in certain/all parts of New Haven. Might be some smaller benefits if you buy in NH.

That said unless your thinking of staying renting is better...
Maybe buy if buy a multi cheap getting the rents to pay your monthly payment