Rent the cheapest apartment you can tolerate. At the end of three years, the extra 10 grand you saved on rent in your pocket make you much happier than any memories of a great view.
Never put yourself in a situation where you could be potentially be over your head, or hurt your credit if you get stuck.
And, remember, the buyer/renter has the leverage in this market. If you feel an offer like the one you started may be too much, it probably is.
Good luck Taylor.