I'm 22, College Grad, I've owned my current home with my mother since I was 19...so here's my two cents...
When comparing an apartment to a house in regards of LIVING CONDITION, I would agree that it really boils down to your lifestyle. You can control a lot of the pros and cons of both, simply by doing your research on the area you want to live. I would ask the neighbor's opinions about the neighborhood, they will be your best advice, not the landlord or the real estate agent trying to get you to move in.
I do feel at times that a HOUSE in regards of space, is not necessary, especially if you live the 9-5 working lifestyle, where you're barely home, and when you are, it's to eat, crap, and sleep. Some bad things about a house is, you have HOA (home owners association), it is a HUGE debt to your name, it can really make or break your credit. Make sure you've been in your current job for at least 3 years, and you have at least 6-12 months of cash reserves incase of any misfortunes. FORECLOSURE is a word you never wanna get in the mail.
Some good things of a home is pretty much what everyone has said. No restrictions as to who can come in and out of your home, and what you do in the home (legally of course), it's a big accomplishment to have a home.
As far as apartments go, I lived with my ex in her apartment for a little over a year, it was koo. It did have everything you NEEDED. Bathroom, bedroom, livingroom, and kitchen. Her neighbors were koo, so we didn't really have issues with that. It was easier and faster to clean and maintain. Didn't take much furniture and decoration to make it look homey and nice. It had what we NEEDED. It was close to everything, school, work, etc. Usually apartments are close to WHAT YOU DO IN LIFE, or at least it should.
FINANCIALLY:
I would never RENT, for the reason that it's money going out, and never coming back. Regardless of your lifestyle, there are plenty of properties out there that you can OWN or RENT TO OWN, that would be suitable. So like myself...no kids, no wife, no plans for either in the near future, I don't plan to live there more than 2-3 years at a time...I hate doing yard work, I don't want anything BIG, I just want a PLACE TO COME HOME TO, but still nice....then a CONDO or duplex would be something I would like to get.
There are tons of cheap real estate out there that you can get into right now for lower than market value, and is affordable, and you can expect to increase in value within 3-5 years.
Apartments...you're paying someone the cost of your living. There's no return on your money. PERIOD. Then of course you have to pay all these misc. fees (garage, trash, etc.) Not worth it to me IMO, and i'm only speaking for someone who is CAPABLE of OWNING a home/condo/etc.
REALITY:
Apartments are not a bad thing to get into, especially if you're young, 18-23, just wanting to get some experience of living on your own. Or if you don't have good credit, long enough credit history, still saving up money, in college, still trying to climb up the ladder in your job, etc. RENTING is the way to go, but remember it DOES NOT HAVE to be an apartment, people rent out homes/condos all the time. So you get the benefits of not having to worry about other renters issues, PLUS the benefit of not carrying a huge DEBT by owning the home.
Owning a home is not bad either, but I would recommend you MAKE SURE you have your life together. Good credit, steady secure job, 6-12 months of cash reserves, little debt, and little personal drama. I know the world ain't perfect, but if you can put a check mark to a third of these things, you should be good.
