The current market has similarities to the days when mortgage interest rates were routinely in the double digits. People were able to afford to buy a house despite the very high interest rates by saving up and making a big down payment. 20% used to be a minimum back in the days when you went to a bank and sat face to face with a loan officer in order to get a home loan. And most people would put in more than 20% to make the monthly payment affordable.
Also, buying a home just to buy a home is always a bad idea. If you are single, there is really no reason to buy a home unless you really need it for hobbies, pets, etc. Rent until you get married. The real reason to buy a home is to be in a good school district for your kids. Odds are that the home you buy as a single guy is not going to be the home you want to have when you have kids. Transaction costs of buying and selling a home are steep if you have not lived in your home for more than at least 5 years. So, you are much better off waiting to buy a home when you really need one when you get married and have kids.