Considering rental and home prices have been consistently going up in Orange County, it might be difficult to save up to buy a house in a few years--and by then, homes may not be as affordable as they are today. There's really no predicting what's going to happen a few years from now, so the answer largely depends on your current financial situation and what your priorities are.
Security deposits will generally be cheaper on properties that are smaller and cheaper. It all depends on what the owner thinks is fair.
In terms of the cheapest route to home ownership, there are loan products available with minimal down payment costs to buyers. In some cases, you can pay as low as .5% down towards the purchase of a home--if you qualify. Of course, this means you will be paying a higher monthly payment on your mortgage, in addition to private mortgage insurance. That's just one solution, but ultimately it depends on your financial situation and what you're most comfortable with.
If you have any questions on homes or rentals in Cypress and Orange County, please get in touch with me at (714) 584-7154, or e-mail at email@example.com. I'm always happy to help.