My very first home purchase was a 1 bathroom, 3 floor townhouse, not far from Annapolis, MD. It was all I could afford at the time. It was fine for my family, but for me it absolutely sucked. I had a neighbor who absolutely hated me, I was strangled by ridiculous HOA rules, and it was legally classified as a condominium so it had the worst appreciation rate of any property.
Finally, after 8 years of pain, the right economic conditions came together to allow me to buy a 3 bedroom/2 bathroom single-floor rancher on a half-acre, with a garage and a big workshed. I have a private beach, boat launch and I can rent a deep water boat slip for dirt cheap. No HOA, no rules other than the normal county ordinances.
One of the most satisfying feelings that I've ever felt was seeing my Warrior and my DeLorean warm and dry while the rain came pouring down this weekend. Maybe one day, I'll host a biker-bash like some of you have.