What is the total price to own and how much more is it compared to your $1065. I took this from a forbes article on msnbc, they used San Diego as the owrst case scenario about rent to purchase ratio. Both those are about 100k away from being within fundamental rent to mortgage ratios. also 700 sq ft will likely be outgrown real quick and you job isn’t locked in for more than another year, I wouldn’t buy in your situation even if prices were stable.
“Consider house hunters in San Diego. There, the single-family home market is experiencing a significant price correction. In 2006, the market dropped 4.5 percent. Renters pay 38 percent of the cost of an owner’s mortgage payment, according to data from Torto Wheaton Research, a research firm owned by CB Richard Ellis. That’s compared with 79 percent nationwide.”
