- After years of rising mortgage rates and soaring home prices, many younger buyers have been priced out of the market. But falling condo prices, driven by rising HOA and insurance costs, may offer Gen Z and millennials an entry point into homeownership. Real estate experts say condos can be a smart first purchase, but buyers have to do their due diligence.
Following the sub-3% mortgage rates during the pandemic that ushered in a wave of new homeownership, hopeful homeowners were slapped by rates that peaked at 8% in October 2023. That halted many new buyers from entering the market—particularly younger generations.
