I'm truly amazed at housing prices - even rental - in the west side of LA - or any part of Southern California.  If you are a first-time home buyer, it's mind boggling.  What should you do if you are just starting out?

My suggestion - since the housing market has shown (for the past 65+ years) that it will continue to rise overall, buy something that you can afford, now!  If you bought a home in 1990, it has probably doubled or more, in value.  I bought a house in 1974 for $35,000, in Fountain...
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Time to get on the bandwagon - time to buy.  Why?  well, if you keep your property for 5 years, it could appreciate by a lot of $$!!  Then you can use this money to put a small down on another house - move there, and rent out the first house.  Rents are going up, too!  You have a win-win situation, using leverage.  

I was watching Flip or Flop the other day - they buy for cash - NO leverage, because they are in, fix up, and sell.  No time for appreciation, except for what they build in to the ...
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