Um...we pay $1400/mo in rent. We could get a similar sized condo, with 10% down and probably be within $100 of what we pay in rent.
Why do you rent? Still saving the 10% down payment?
If you can buy a place for $1500 per month that you are renting for $1400 per month, that is a no-brainer purchase. Even if the value goes down, your cost of living may be LOWER due to the tax write-off o the $1500 monthly payment. I don’t know the cost of association dues, but you should be buying that place, not renting.