Why do people not buy Condos instead of renting an apartment?

I've been house shopping just to prepare for the future for when I am ready to buy my own place. I've found some condos prices ranging from (60K - 100K). The average rent for a one bedroom apartment in my area is $950. But With a 70K Condo the mortgage would be about $500 a month. Why people don't buy Condos instead? It would be cheaper monthly payment and in the long run you will own the place as oppose to the apartments. What are the cons that I am not aware about? I live in Maryland USA btw.

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