re: Buying an apartment directly out of college

I'm not sure about where you're buying, but in TN first time home buyers can qualify for a forgivable 15K HFA loan for a down payment - you should see if anything like that is available in your area. It's a pretty sweet deal - the loan tapers down by like 20% per year the last 5-10 years so if you live in the residence for 10+ years it's completely forgiven.

I'm in the same boat but I don't know what my long-term (3+ years) looks like so I'm renting for the time being.