Mortgage rates just dropped a little bit in the last two weeks also. 

Avoid places with high crime rates or those not showing signs of revitalization

@Michael Mainini you have options and renting could be a good choice if your interest rate is low.

I recently cold called a list of approximately 500 pre-foreclosure properties and had a much lower answer rate than I normally have.

With these interest rates, if you can find a house hack situation that you are paying the same, slightly less, or I'd argue even slightly more, then I think it can be worth it for these reasons.1) You will get to live in your preferred location.

As interest rates drop, house prices will go higher.

I haven't noticed a drop in rates. 

I used an interest rate of 6.7 for the calculations. 

The benefits on the lending side are huge--lower rates and much lower down payment requirements.

BTW: The 75th percentile rent for market rate apartments with only w/s/t included even in N Collinwood is $1064.