Buying a condo right after college?

[ROC-ENGR]

Hi everyone,
I just joined, and have read through a bunch of posts. There are a lot of knowledgeable people with good information!
Here's my question:
I will be graduating college with a degree in Mechanical Engineering. I will be moving to Rochester, NY and have a good job lined up. I will be making $50k, but with a bunch of bonuses such as a car and vehicle insurance, and phone all paid for. I have around $19k in my savings account, and $10k in long-term investments, and $1k in stocks. Does it make sense for me to buy a condo shortly after I graduate? I will be living at home (I assume for about 4 months), but will most likely want to be out on my own after that. As much as a I love my parents, I enjoy being independent.
While Rochester has reasonable home prices, the property taxes are killer. My ideal condo would be a relatively updated 2 bed, 2 bath, and 2 car garage for no more than $120k, but I think I'll have to settle for 2bed/1.5 bath, 1 car garage. I have a good credit score (I think it was 740 last time I looked), and thankfully have zero debt at all. I don't think the place will appreciate that much over the 5-7 years that I would guess that I would live there, but I think it's better than "wasting" that money to rent?
Any thoughts?
Thanks!

[esb3357]

I went to school in Rochester, NY so I understand the area. My husband and I are also young (23 and 25) and we just purchase our first home. As long as you are set for the expenses and extra work that goes with it. Personally I would buy a foreclosed house that has cosmetic issues. We were able to buy a single family house because it was depreciated over 50k due it needing paint and new carpet. A lot of our friends who are single, buy a house and then rent it out to their friend. Rochester has lots of co-ops and students, you rent your rooms out for extra equity. Never buy a house you can't afford without roommates. It should just be bonus money.

[MonkeyMama]

I personally bought a condo pretty much right out of college - and it was a fine choice (much cheaper than renting!)

That said, we bought because we *knew* it was where we wanted to settle for the long run. If you are moving to a new area, I think it's more prudent to rent and wait a bit to see how you like the area, etc. I also think if you plan to live somewhere 5-7 years, it's good to make sure you are happy with the place in case 5-7 years turns into eternity. Ask anyone stuck in an upside down house. (I'd personally rather buy something slightly nicer than just buy the first thing I could afford). In our case, we chose to move in 2 years, but it was mostly because we abandoned our plan to ever afford a house in original city. If we could never afford a house AND never afford to sell our condo - was okay since we went something we could live with for the long haul. (Would have been happy with 2 bedrooms, but got a good deal on 3, and could foresee possibly being stuck for a long time, raising kids there eventually, etc.). What can I say - we plan ahead. You don't know how many people I know *stuck* raising families is extraordinarily small spaces. Anyway, just stuff to think about.

I wouldn't buy without 20% cash down and decent cash savings, in addition.

[ROC-ENGR]

Thanks for the responses. Just to clear things up, I am from Rochester originally, and most of my family is still there. I went to school out of state, but am coming back home to work there. You make a good point MonkeyMama to plan for the long run, but I really don’t see kids in my future. I know it sounds kind of sad, but I just really don’t see myself raising a family. I guess you never know, I’ve heard people say the same thing. Not that I don’t like children, I have a nephew that I adore, but I don’t’ really know…. Maybe my priorities will change later down the road? It is a good point to raise though, or at least to consider because priorities change as life goes on. There actually is a place on Vick Park B right near Park Ave that I really like (there are actually two of them for sale), but they are asking around $160k and $190k for a a 1 bath 1 car garage, and 2 bath 2 car garage respectively. I would love either of those (especially the latter), but I can’t afford either, and can’t kid myself, unless I lived with my parents for 2 years.
I do hope to save about 75% of my salary for those 4 months (~$8,000) on top of what I already have. I know 20% is the standard (to avoid PMI and whatnot), so I think I should be able to put that down and still have somewhat of a reasonable cushion leftover. I hope to have my girlfriend move in with me to provide some assistance, and maybe a roommate, but as suggested, I won’t DEPEND on it, it’s just a bonus.
Keep the thoughts/comments/ideas coming!
Thanks!