Would it be a wise investment to buy a condo with cash as a first time home buyer?

I have around 80k to invest as a first time home buyer. I eventually want to own a home, but I am thinking about buying a condo with cash. I would live there for 5 years while saving the money I would have spent on rent/mortgage each month. What are your thoughts concerning this idea? FYI, I live in the Phoenix area.

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