DH and I bought our first home at age 22-- then the market crashed in our area and it was worth half what we owed on the mortgage :crying: It took years for things to turn around.
But... (there's always a but, isn't there?) that downturn turned lots of people in our area into millionaires-- they had some cash, bought properties for next to nothing and rented them out until prices recovered and went onward and upward.
Looking back, we made a mistake buying at the top of the market instead of the bottom. If we'd rented for 5 more years, we could've bought a good dozen distressed properties during the time we were fighting an upside down mortgage.
Anyway, hind sight being 20/20 and all that, I'd recommend renting awhile-- perhaps with your friends to see how you work together and handle dividing up bills, chores, etc--- then learn everything you can about real estate investing and your local market. If things take another down turn, there'll be many opportunities for the prepared :D