23 YO with 43K, Do I Rent or Buy?

[Jamila Thompson]

Hi everyone, I am 23 years old. I am a civil engineer, but I am currently doing my masters and working on my side business that brings in 6 figures a year. I have saved so far $43K and I really want to invest in my first property soon. According to my lender, I can get a home valued at 400K. The problem? I currently live in the Bronx and there aren't any affordable $400K multifamilies in my area. I am thinking of investing in NJ or CT (Please suggest areas. I am thinking about Bridgeport along I-95 and Newark, NJ). 

At the same time, I would like to use a small portion of the money I saved to move to a better area for my family. I am thinking of renting in Westchester while I save extra cash. That rent estimate would be ($3,300-3,700), but my mother thinks the rent sounds like two mortgages. 

I am asking for advice because most of you have either a strong financial background or strong real estate background. Do you think it is worth it to purchase a property at this time or to continue to rent? I have Ramit Sethi whispering in my ear, telling me to rent, but I think the benefits differ depending on the person.