Does buying a condo make financial sense for me?

Ok, first time home buyer here. Can someone just give me a gut check and tell me that this really makes financial sense right now? The crazy high rates and crazy high selling prices have me worried. I know this is supposedly the WORST time to buy a house, but, well... Here's my situation:

• I have about $80k saved up to put down towards a house, so I can very nearly (and maybe if my parents chip in), get OUT of PMI.
• I'm looking at a $500k condo (I know that's a lot for a condo, but I live in an expensive part of the US). The condos in this city (DMV area) have been selling at this price steadily even pre-Covid. So I guess they HAVEN'T really appreciated.
• This state offers a first-time buyer loan option which increases your loan rate by a modest amount, but they PAY OFF up to $50k of your student loans instantly, with 20% forgiven each year over five years.
• I owe $44k in student loans.
• I have excellent credit, like 720 or 740 if I recall correctly.
  So here's my thought process: Yes, it's a bad time to buy. But buying is still better than renting, since rent where I am now is about $2200 a month. Plus, I get those loans wiped out! So I can live there for five years, put up with the high interest, and then after five years be ready to buy a proper house and move somewhere else.
  But you know, I'm just a bit nervous about it all. So again, can someone give me a gut check here and tell me this all sounds good and I should move forward??
  Any thoughts, comments, questions, things to pick my brain, are very appreciated!