First time buyer, should I buy a house or condo in the LA Area?

Condo financing has loosened up a bit so it's easier to get into one that just a few months ago. The choice is ultimately yours and will depend on your long and short term goals. If you plan on having a family, a home may be a better investment. Contact me and I can pre-qualify you so you know what you can afford.

I would look at it like this, how much are you spending on rent? What would a home or condo payment be with all taxes, insurance and mortgage insurance? If its close to what you pay in rent, then go for it. People tend to spend what they have, so the other poster is correct in that young persons biggest challenge is financial. But if your payments on the home are reasonable, then you should take advantage. You can find homes in LA area for 120k or so, and your payment would most likely be less than rent. Look at the numbers, but keep in mind all the other expenses, such as water, trash, electric, gas, upkeep, gardeners, etc...Good luck