Can I afford to buy a house?

[Hector]

Definitely makes sense to wait. If you end-up paying PMI you'll be doing something similar to renting, which is throwing money away, couple this with HOA and you may as well rent.

Renting is not throwing away money. For most of us buying primary residence is not always a smart financial decision, it is about lifestyle.

[QueenOphelia]

I agree that renting is not throwing away money in many areas of the country.

However, there is no way I could have afforded my co-op if it was a rental in today's NYC real estate market. My mortgage/maintainence fees combined are around $500 less that what the co-op would command on the rental market.

So, in the long run, renting is not always cheaper than buying. Timing and a little bit of luck is part of the equation IMHO.