Well in my home town you can look at Zillow to see home prices (http://www.zillow.com/homes/for_sale/Warrington-PA/56739_rid...) all of these are priced to give around or below $1200 mortgage all told (taxes,fees,insurance even if you went in with a low down payment). Here are the apartments that are available (http://www.apartmentguide.com/apartments/Pennsylvania/Warrin...)

$1200 is really the minimum for a 2 bedroom apartment here. There are a few that are maybe $100 - $200 lower, but I wouldn't want to live there.