Most rents in my area are over $1,000 a month on average for a basic apartment so if I was young and single, I'd look at a reasonably priced starter home. They're out there, especially of you don't have to consider school districts which may increase the price of a home for an area where everyone wants their kids to go to school. That was a huge consideration for me since I had kids.
Now is the right time to buy a home. You may never see interest rates this low again and get a fixed rate so you know what you'll be paying for the term of the loan. Also, I think it's a good idea to have your property taxes factored into your monthly mortgage so you kind of pay as go and don't have to come up with several thousand dollars all at once.
And as a side not, you can always rent out a bedroom to a friend to help off-set your monthly payment. You have a lot of flexibility and it's a good idea to buy. Just don't get crazy buying a house that is too big or too expensive. You'll regret it in the long run.
