Fresh out of college: Should I buy a house?

[Alexander Gondolfi]

I am a 24 year old who just graduated with a bachelors degree in Louisiana. I will be starting an online graduate school MBA program while working full time at a local bank as a credit analyst. Louisiana is consistently ranked either at or near the bottom of every state ranking besides per capita incarceration and I want to move to another state in the next 5 years.

My father is well off and is pressuring me to purchase a house so I’m no longer living in an apartment, and is offering me up to $20k for a down payment. The requirement for this money is that I have to purchase a property worth approximately $150k. The only debt I have is my car ($6k owed).

If I purchase a house, it'll be a 3 bed, 2 bath and I would rent out the other two bedrooms at $350 per month. This puts me at approx. $800 a month in PITI payments and $700 of rental income.

My plan is that within 5 years, I’ll have my masters degree and enough banking experience to get a job anywhere in the country. My question is this: should I take my dad on his offer, get the down payment and purchase the house? Or should I simply continue to rent ($400/month) until I move to another state?