there are a lot more condos now than there used to be too. The lower interest rates certainly help but you'd be hard pressed to find a single family home for $400k along the Wasatch Front (that's not a complete mess or tiny, maybe a tiny mess). In fact, niece just got offer accepted on a 3 bd/2bath 1800 sq/ft mid century that's been in same family since built in '57 and zero updates. It's going to take a ton to fix up and it's about that price.