As of buying, you will never know until you check what you qualify for. If you and your daughter put together both your incomes, it may be worth a try. And if you buy, your payment is fixed for 30 years, no increase, where as rent is fixed for one year max.
Daniel Modin, Long Beach agent
I'm guessing when you say house you are looking for a single family residence? If so, I don't know of any in that price range right now. But, I'll keep you in mind if i do hear of one.
Daniel makes a very valid point though, rents will continue to rise and the rental market is in high demand right now. You may find that once you move in the rent increases over the years would extend beyond your budget.
If you are interested in seeing what you and/or your daughter might qualify to purchase I know a lender that has some very nice programs and the City of Long Beach offers some good incentive programs for 1st time buyers too. Have a look here for what Long beach offers: http://www.lbhdc.org/homebuyers.html
If you are interested in seeing what's available and getting a clear picture of your qualifications, I would be happy to help. Call me direct at 562-212-4595 or email email@example.com and I also have a website that gives you access to the MLS system so you can look at available properties http://www.markvinton.com
I wish you all the best in your home search and hope you find a good home for you and your daughter.
all the best,
DRE # 01322983