I know the feeling. I can't see the value in a 2/1 for 180 large. I won't do it I don't care. I'll live in my apartment for years before I pay 180 grand for a 2/1 on a postage stamp of a lawn.
Luckily, around here you can still get a decent 2/1 in an average suburban neighborhood for 105k.
It also depends on where you live, what rents are going for, etc.. $180K purchase with 20% down at 5% (5 year ARM) means you are paying about $1,000 a month with Principal, Interest, Insurance and Taxes. You get to also write off about $700 a month towards taxes. Effective payment is $850 plus/minus a few $$$.
What's the cost of rent for a 2/1?