I completely agree with you about rent disappearing down a black hole, you're not really acquiring anything out of it. In my case, yes, I have a lot of loans, but there's no point in me buying a house right now because of item 2 on my list of "general things young adults encounter in today's world", however, in the next few years (kleinbl00) it is very much a possibility. A mortgage on a place in some places would be cheaper than what I'm paying for a 1BR apartment right now. However, I have no idea where you can find a 1,400 sq ft. townhouse for $110,000. That seems low, but I'm no real estate mogul.
Raleigh, NC. Larger in population than Miami. I thought the same thing too, at first. And the places that were in my budget were a far cry from what I was dreaming of, but once I got over that there were actually a lot of options. As to your second bullet point - there's a college in my town. I got a townhouse in an area that's accessible by students, but more appealing to grad students (quieter, less access to party areas). The theory was that if I landed a good job out of state I could rent the place out for a bit to try and cover my costs. I hadn't tried anything like this (buying or renting) before and it scared the shit out of me, but it was by far the coolest thing I've ever bought.I have no idea where you can find a 1,400 sq ft. townhouse for $110,000.