If you have some savings (few Americans do, not even those driving BMWs), and you can afford to wait: You may get a house at the price of the down payment, you just pay the monthly mortgages with the rent. Of course you still need some money for a down payment, to cover the difference.
This investment has a 10 year+ timeframe. Even if prices fluctuate 20-30% in the next 5-7 years, I'm not selling yet. This is a long term investment.