Rent vs. Buy
Morris Digital Works Wire Service

Buying a home is part of the American dream - the centerpiece enclosed by a white picket fence. The purchase is a long-term investment and part of finding roots within a community. It's also a big responsibility.

The purchase of a home comes with responsibilities; it is a significant long-term investment. But home ownership isn't for everyone.

The rent versus buy decision is often dependent on time. A home buyer should be willing to commit to a house for at least two years.

Seasoned home owners or prepared renters making a leap into the home buying arena can profit from their investment in a home. Although the initial monthly costs of buying a home often are larger than the monthly rent bill, many people earn their life savings from selling a house that has appreciated in value.

The transition from renter to buyer can wreak havoc on disposable income. First-time home owners will face the expenses of investment, shelter and taxes. Down payments have been known to take a significant chunk from savings accounts.

Prospective home buyers who haven't been frugal in their savings aren't doomed from buying a house. Loans are available for those who don't have the typical 20 percent down payment for a home, although protecting one's credit is key.

Despite the natural progression of eventually purchasing a home in life, both renting and buying have their advantages. Unpredictably in the short-term housing market can make home valuations a gamble.

In the long-run, an upswing is almost a sure thing.