As a recent college graduate, should I rent an apartment or invest in a small home?

Here is my dilemma: I will be graduating college next year (yay!) However, I will no longer have a place to live since the dormitories are my permanent residence every time I move because my parents chucked me out. Therefore, I need to rent/buy a residence nearby so I can keep my current job as I look for full-time work right out of college. The problem is this: all the apartments around here are anywhere from $700-1600/month and they REQUIRE you to make 3x the amount of rent, or have a co-signer, to get the apartment. The idea of moving into a house with another person I may not know makes me paranoid, and they all post on craigslist, which I don't trust; so that option is out. I also don't like the idea of paying $800/month for a place that I don't even get to keep in the long run - I might as well invest in a house, right? In a year or two after I graduate, I want to apply to graduate school, but my options are all within an hour's driving distance, so I will have invested in a vehicle before then. So, given my plans and what my situation is, should I find a cheap (haha) apartment if I dig around a bit more or should I just bite the bullet and invest in a small home (2 bedroom, 1.5 baths kind of deals)? I'm only one person, but my sister might stay over sometimes and my girlfriend might move in, but not for a while yet. What are the pros/cons of each option? Thank you.