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It isn't too late, but that doesn't mean it would be a good decision. A careful analysis of rent vs buy needs to be done.

At some point, one or both of you are going to retire. Will you change jobs? Do you want the flexibility to change jobs? Will you move to the house, apartment or sell both? Are your jobs stable enough to risk draining your liquid resources? How difficult would it be to sell? Is the neighborhood stable or improving? How long would you own the apartment? Are rents and property values increasing?

Will the income tax deduction be limited? The tax board would likely be able to answer this question. I believe, interest is deductible for two residences but there are limits on the total amount and AMT could be an issue.

The first step would be a detailed analysis of the cost to own (including cost of purchase and sale) vs rent.
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