I'm in my mid-thirties, make $120K, have about $20K in debt, pay about $1900 in rent in Los Angeles. Would you recommend continuing to rent or should I buy a home/condo?

If you plan to live in the home for at least 5 years, buying seems like a good idea. Your down payment is a bit small for Los Angeles home prices. A year or two ago, 20% was required. Things are loosening up a bit, so you may be able to put 5% or 10% down. However, do consider the following: 1) I have never heard someone say "I wish I bought a more expensive house" but I have heard plenty of people say "I wish I bought a more affordable house." Usually as they are getting foreclosed. Just make sure it has enough room to grow with you for a few years, but skip the swimming pool and steam shower with the extra massage head package. You can install them yourself later as your income increases, paying cash of course. 2) Buy something close to where you work and plan to work for the duration of the time you are in the house. Commuting sucks, even if you can buy a nicer house a bit nicer further away. Your time is always worth more than an extra 500 square feet the commute will buy. 3) Buy a few tools and learn to fix things yourself. Most basic home repairs are simple, and will save you a ton of cash. Plus, it is far more satisfying, and you'll know the work was done right, if you did it yourself. If you are not handy, make friends with someone who is, and have them teach you!

First off, kudos for maintaining a stable financial lifestyle.  That's a skill you shouldn't take for granted. Secondly, I would definitely recommend buying.  There's no point of putting your money into a landlord's pocket if you can put it into your own equity.  It seems like you are stable, and if you like the environment that you're in, I don't see why not.  At the same time, I would not try to qualify for the biggest mortgage possible-  if you can pay less rent than the huge commitment of property ownership is not nearly as daunting.  You provide yourself more flexibility because you're not as tied down to your mortgage.  Also, you can put any extra payment that you owe towards the principle  and pay down your mortgage much faster. This is just my one perspective.  I would recommend getting several others to help formulate your decision since this is such a big commitment.