I have been thinking about a condo as well, but came to the conclusion that it really does not make too much sense especially since you can get a great house in these economic times with a mortgage which combines the mortgage payment and association fee of the condo. The thing with condo fees is that they increase annually so there is no getting out of them even after the 30 year mortgage. The other thing to consider is that if you wanted to rent, do rents in the area allow you to charge enough to cover the mortgage and the rising association fee with room for a profit. The other thing I learned in this recent recession is that if you can save to put down at least 20% or pay the negotiated price in full, this would be best and would avoid any PMI. I also think this is a good time for folks to really assess their financial situation and see if homeownership is right for you at this juncture in your life. I wish you the best in your search.