Buy or Rent?

As the "starving artist" I plan to be as an animator, I can expect to make about $70,000 a year (if we're being generous). This means I can roughly afford to spend $175,000 on a home. With the current, low-interest housing rate at about 3.61%, I can afford to spend $796.61 for a monthly payment.
Considering my income, I've decided to invest in a home (in Chicago, where I hope to live in a few years), at the wonderful location of 1801 W Touhy Ave #L in Chicago, IL 60626 (Rogers Park). It has 3 beds, 2 bath, and is a 2,000 square foot townhome. While it's a little barren at the moment, because it only costs $140,900 , and the monthly payment is only $631 a month, I can use the extra money to sprucen up the place.

[my comment on someone else's blog...]

Universal Design

Universal Design means creating an attractive, stylish space that everyone, regardless of age, size, or ability, can live in or visit. A home with Universal Design makes it easier for residents to live in, and for guests to visit now and in the future, even as everybody's needs and abilities change.
A house can have Universal Design when it has entryways that are easily accessible to any and everyone, and the areas in the house (kitchen, bathroom, bedrooms, etc.) have enough space that someone who may be in a wheelchair can easily maneuver around. 
 
My own home already resides at ground level, meaning there would be easy access for anyone with a disability. Our kitchen is also fairly spacious, and the bedrooms would also have adequate room.

Living Units

This magical family is in the Developing Stage, aka, teenager stage, where the children are still in school and, while approaching adulthood, have yet to reach it. While they are obviously very close, they are still a fairly large family so they should probably have a house, a two story, preferably. Because they are so close, they don't really need a LOT of space... but some of them are teens, so they would probably appreciate rooms of their own to experience some alone time.

Dream House

Let's see, my dream house.... Well, it would have to be in the city somewhere... or on the outskirts of the city. But not in the country, that's for sure. It would have two stories to it, with one of those nice old attics in the top that you can walk around in. A mixture of new and old, it would look fairly traditional, but would also have a modern appeal to it, the color probably being a light blue with white trim. Oh, and there would be a semi-wrap-around porch to it, and a drawing room.... And that's probably about it.