Buying Co-op to Save Money or Keep Wasting Rent
I'd like to start looking for deals, but I'm facing a few problems:
1. I live in NYC, and I don't own a car.
2. Current Rent: $1,450/month
3. Potential Lowest Rent in White Plains, NY (where I work and would like to start living & looking for investment properties): $1,000/month
4. Recent graduate with great credit but minimal savings due to points 1&2.
I found a studio in a co-op that's 400 square feet which would suit me perfectly, and it would allow me to save money in terms of rent expense ($1,450/month would turn into $600/month all in), commuting expense (I would bike the 2 miles to work and back), and general cost of living from moving out of the city.
Without the time to get around in White Plains to find a multi-family househack or even a FSBO deal, wouldn't it make sense to buy the shares in this co-op to pay $600/month (includes mortgage, utilities, maintenance, HOA, everything besides wifi) instead of continuing to rent?
Is there another option that would be viable in my situation that I'm not seeing?
Thank you very much.