IMO it's important to choose a good school district, but API scores isnt' everything. Too many parents today dump their kids to schools like daycare centers and spend little time with their kid's schoolwork. Some kids can be self-motivated, but others need a little "push". Another alternative -- doesn't work for everyone, is the home school option where you (parents) have more control over the kid's schoolwork. Irvine home school program (949) 936-6304.
There's a lot of articles out there on pros and cons of rent vs. buy. I'll list a few (holistic?) points that I've learned over the years:
(Warning: long rant, skip if desired)
1) A "home" should not be treated as an income/investment property. Buying a home is an emotional decision, you should only buy and live in a home that you feel good about. If you live in a "bad" property it'd affect you in many ways and make it difficult for you to move away.
I made a mistake once, buying a condo for investment and lived in it. I didn't like living there but ended up staying for 4 years. During that time I was mentally, emotionally, and physically degraded -- and once you're in a rot, it's like a pit that's hard to climb out. It was a property that I didn't feel good about, and living there caused depression to slowly creep in. I stopped working out, gained 30 lbs, worsened my chronic tension headache, had a skin infection, back problem, broke a good relationship that should've developed into marriage, got on very bad terms with my parents, etc. Prior to living there I rarely visited the doctors. After living there, I was visiting the doctors every 2 weeks. Finally, I forced myself out of that pit and I've been better since.
2) Generally speaking I wouldn't recommend people to buy a property in current local (Irvine) market. However if you find a home that you REALLY like and feel REALLY GOOD about living there, and you could afford it with a conventional 15 or 30 year fixed rate mortgage, then go ahead and buy it. This is assuming you rarely find property that makes you feel that way. But if you can visit 20 homes and feel that good in 5, then disregard my advise and just wait for market correction.
Living in a home that makes you feel "good" will improve your mental and emotional well being, which will also eventually improve your physical well being. The feeling of waking up in the morning and feeling really good about your home and environment has a value that cannot be matched in dollars. After I moved back to Irvine into a condo that I liked -- and I mean just "liked" and feel a little good about, I felt much better and started working out within the month. By the 2nd month I had a female friend over to help me throw out about 70% of my crappy old cloths and take me shopping at Macy's for Men at South Coast Plaza. I had my car cleaned/detailed, got a hair cut, and cleaned up. By the 3rd month I was feeling better, dressed better, smiled more, and many of my old friends noticed the change and wanted to hang out with me more. My social life improved by 200% and I look forward to every weekend.
3) If you found a home that you like and felt good about, but cannot afford to buy it, you can still rent it. A home can be bought or rented, versus an investment property usually requires purchase. If you opt to rent a home, you can invest your $$ elsewhere -- buy property in another location, another country, buy mutual funds, etc.