I remember how I felt before I bought my first home. What if it falls apart? Where will I get the money to fix it? How much more will I have to pay than I am paying now?

Soon after I laughed at myself for being so paranoid. The house didn't fall apart. Life went on the same as it did, except that I found that my house payment stayed the same. After a year my house payment was much lower than it would have been if I had been renting. Now the house is paid off and I have zero payments. It's magic!

Here are some statistics that prove that it is better to buy than rent:

• Over the last ten years, the cost of rental housing in the U.S. has increased an average of 3% per year.
• The apartment or home that you rent for $750 a month will cost you more than $978 a month 10 years from now.
• The Federal Reserve Board estimates that homeowners have a net worth almost 36 times more than that of renters.

Here is a tool on GinnieMae.gov that shows you how much you will save by buying:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH

Still not convinced? A realtor will make the whole process so much easier. Here are some more links:
The buy vs. rent decision, (Yahoo Finance, 2005).
Is it better to buy or rent?, (New York Times, Sept. 2005)

Written by Larry Maddocks member of the National Association of Realtors.