DAn
If it is a long term >7-10 yr committment can you afford not to be in the housing market? Owning does something renting will never do, pay you back. Every payment builds equity. Renting is giving someone else more money in their pocket w/ no payback. Rent short term while you find something you really want.
Even if the market levels/dips SoCAL is a huge economic engine, has surfing, a great climate, awesome lifestyle, and more surfing. There will always be a demand for good housing.