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.