Should You Buy a Home During Residency?
The 7 Holiday Questions to Discuss with Family
Updated: November 2025 • 4 Minute Read
TLDR: High-Yield Summary
If you’ll be in your residency city for at least 3 years, buying a home can be a smart financial move.
Physician mortgages make homeownership accessible, often with little or no down payment—even if you have student loans.
The holiday season is the perfect time to talk with your family about housing plans, expectations, and possible support before Match Day.
Getting clear on your goals now will set you up for a smoother, less stressful home search after the Match.
Introduction
Every winter, fourth-year medical students head home for the holidays carrying more than laundry and a white coat. You’re juggling interviews, rank lists, and the looming uncertainty of Match Day. Somewhere between catching up with family and answering “Where do you think you’ll end up?”, another conversation quietly surfaces:
Should you plan to buy a home during residency — or stick to renting? Residency decisions are fast, emotional, and often stressful. But the holidays offer a rare chance to slow down, talk through your goals with family, and get ahead of decisions that could impact the next 3–7 years of your life.
Quick question while reading? Ask Steth — our physician mortgage assistant — or connect with a mortgage specialist for personalized guidance.
Let’s walk through the seven most important questions to discuss around the holiday table.
1. How long will you realistically be in your residency city?
This is the foundation of the buy-versus-rent decision.
3-year programs (IM, Peds, Anesthesia, EM): Owning can easily become financially competitive.
5–7-year programs (Surgery, Ortho, ENT, Neurosurgery): Buying is often even more advantageous.
1-year transitional or prelim programs: Renting tends to be the safer choice.
Most residents break even around 2.5–3 years, depending on their market — making residency length one of the strongest predictors of whether buying makes sense.
We’ll cover this more deeply in our upcoming post: Buying vs Renting During Residency: The True Break-Even Point.
2. How does your specialty influence your financial and lifestyle needs?
Your specialty impacts:
Work-life rhythm
Sleep patterns
Commute preferences
Roommate feasibility
Likelihood of moonlighting income
Desired level of stability
For some specialties, like surgery or OB/GYN, stability at home can be critical to managing unpredictable hours. For others, flexibility may feel more important.
Thinking through how your specialty shapes your lifestyle helps you decide whether homeownership supports — or complicates — your residency experience.
3. What role might your family play — financially or emotionally — in your housing plan?
The holidays are a natural time to talk openly about expectations and support.
Consider asking:
Would your family consider assisting with gift funds toward closing costs if needed?
Are they comfortable with you buying a home if it strengthens your financial stability?
Do they want you to avoid the potential chaos of annual moves?
Would they be excited to visit a more permanent home base?
Do they value you building equity instead of paying rent for 3–7 years?
Physician mortgage programs don’t require family involvement, but aligning expectations early can reduce uncertainty later.
Want help thinking through your top Match cities? Ask Steth for a quick overview, or connect with a specialist for personalized guidance. Most of our lenders can help in all 50 states.
4. What are the rent-versus-buy dynamics in your likely Match cities?
By now, you likely have 3–4 potential Match cities.
During the holidays, do some quick comparisons:
Average rent for 1–2 bedroom units
Starter home prices
Differences in taxes and HOA fees
Neighborhoods near hospitals
Parking considerations
Commute distances
General safety and convenience
In many residency markets — Midwest, Southeast, and some smaller coastal cities — buying is surprisingly attainable. In others, renting may make more sense.
We’ll break this down soon in: How to Compare Residency Cities Financially.
5. What type of living environment best supports your well-being during residency?
This is one of the most important — and most overlooked — questions.
Ask yourself:
Do you need quiet space to study?
Will frequent moves disrupt your sleep or workflow?
Do you prefer a stable home base during long training?
Are you planning to live with a partner, spouse, or pet?
Is commuting more stressful than staying closer to the hospital?
Would renting feel chaotic or unpredictable?
Residency is demanding. Home should be a stabilizing factor — not another stress point.
6. How do your student loans factor into the decision?
A common misconception among students: “My student loans will keep me from qualifying for a mortgage.” With physician mortgage programs, this is not necessarily true.
Many lenders allow:
Qualification based on IBR, PAYE, REPAYE payments, or full deferment with no payment.
Approval with only an employment contract or offer letter
Little or no down payment
No PMI, which reduces monthly costs
This design exists specifically to support residents and physicians early in their careers.
We’ll detail this in the upcoming article: Why Your $300K in Student Loans Won’t Kill Your Mortgage Dreams.
7. What’s your timeline between now and Match Day — and what should you prepare for now?
Understanding the residency housing timeline is powerful:
Nov–Dec: Interviews and early planning
January: Narrowing to 3–4 cities
Feb–early March: Financial prep + document gathering
Mid-March: Match Day → Start home search
March–April: Pre-approval, touring homes, making offers
April–May: Under contract + underwriting
June: Moving and beginning residency
Talking through this timeline with family helps you enter Match season prepared, confident, and less stressed.
Internal Article References (Upcoming Posts)
These related guides will be available soon:
- Buying vs Renting During Residency: The True Break-Even Point
How to Compare Residency Cities Financially
Why Your $300K in Student Loans Won’t Kill Your Mortgage Dreams
Your Residency Shortlist: How to Prepare a Home Buying Strategy for All Possible Match Cities
Final Thoughts
Deciding whether to buy or rent during residency isn’t just a financial choice — it’s a lifestyle decision that affects your stress levels, sleep quality, commute, study space, and emotional well-being throughout training.
If you’re starting to think through your Match cities and want clarity on what’s realistic for your upcoming residency:
You can connect with one of our physician-loan specialists for a personalized analysis — or ask Steth for a quick comparison of your top Match cities.
We’re here to help you make the transition from medical student to resident with confidence, clarity, and support.
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