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I don't think you mentioned your lifestyle and where you are with that. If you could float it, I'd live in a the most affordable place you can rent while purchasing an investment property.
I know a girl who bought a place right after college. She had a 3bd/3ba place and rented the other two rooms to friends. She had one room that was a revolving door for friends who were moving to the area for jobs. I think a total of 5 different friends lived in that room during her ownership. The other room was rented to someone who is her closest friend. (Funny side note: that person also owned a condo and rented it out while living with her)
For years she was able to collect about $1500/mo (total) from her friends.
It could be risky being that she was new to her career but it paid off.
Personally, young single people should enjoy the flexibility that renting provides. Find yourself and find what matters to you while having an investment property.
Second story:
My dad said he will never own a house again in his life. Though he is super handy and even added a second story to his house completely himself he found comfort in being able to call the front desk for repairs. Each year he would move somewhere new within the greater LA area (from downtown to Santa Monica, Venice, Redondo)
In terms of "financial loss" that comes with not owning real estate and renting, he looked to receive retirement in other means. After he retired, he has been living abroad for the past couple of years prior to covid. When his visa was not renewed and he could not go to his new destination he had to "settle" in St. Thomas and spends his days scuba diving.
Many ways to skin a cat and a lot depends on how much risk you are willing to take, financial security, stable job, income, etc.
I have a friend who has been able to increase his level of risk because he knows his family situation/finances will not become impacted because his "get out of jail free" card would be his parents.
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