Just watch the market carefully and you’ll get a feel of the bottom when it’s here.
JWM is right. No need to buy anything if you can rent for less. Young folks tend to enjoy condo/apartment living. In this case, renting is best as you can hop around and try out different communities (such as in Downtown San Diego).
I remember my college days. I would love to move because, each time, it was to a nicer, cleaner apartment.