Yeah, it depends on where you live and I was going to ask that also.

My partner and I just bought our first home at the ripe old ages of 57/61. We're in southern Maine and bought a 2 BR 1961 ranch in a great neighborhood. Foreclosure, and had been empty for two years, needs some TLC but not a shambles by any means. The house was originally listed at 119K, we offered 116K and the bank accepted. The rate at that time was 4.5% and we locked in. But, due to the red tape of an unrecorded foreclosure deed and an outstanding mtg against the house we lost that rate. The bank compensated by coming down to 109K. Our house is 825sf, HUGE yard (just under an acre), basement with the same sf as above, so can be built out. If you find something similar it would be quite workable with your mtg and other bills. Our mtg is just over $800/mo. You can't touch a run down apt for that here, plus we make our own rules and as you said, no one above or below to piss you off.

Start looking at the MLS website for your area, and Realtor.com. Find a good agent (ours was referred) and let them find you a good broker/title company. Just start looking, and as you look you'll discover along the way what you can afford, what you're willing to compromise on and what you're not willing to compromise on. It's a good exercise just to start looking even if you're not ready to buy just now. Get your feet wet, and good luck! Home ownership ROCKS!