But that's the catch. If you had the funds for a down payment (which would be big, yet the interest low), then you'd be paying far less per month. Of course, at 23 it would be rare if you had the funds. Between the increased rent and education costs, we are doing everything we can to stifle your economic participation. :/The apartment hunting experience has really soured us on home-ownership in the future.
I think that's simply not the case. The typical intergenerational assistance these days is 'boomer parents giving millenials their down payment and it's still a killer. We've got friends that are able to own a 2br condo as teachers for the simple reason they teach in the Pacific Palisades, and a 1-hr commute is manageable. However, they had twins so now they need a 3br condo (at least) and a 3br condo within an hour of their jobs is $600k. Even with a downpayment (and the parents paid the first one) they're looking at $2500/mo in rent.