Buying a home has been the American dream for generations. But is renting always a poor option? That depends upon your financial situation and lifestyle choices. For instance, if you don't relish the thought of shoveling the walkway or having to a septic system flushed, then renting might fit your lifestyle. However, the financial benefits to owning a home over the long run are considerable.

How does renting compare to buying? Here are some major differences:

As you move through your career, your goal of owning a home is becoming more achievable. But when are you ready to buy? Being in the financial position to afford buying a house means not only providing a down payment, but handling additional monthly expenses - and occasional ones too. Owning a home is an obligation that includes more than just financial expenses, but it's the cost of ownership that should be your biggest consideration between renting and buying a home.