The price of homes usually increase over the years, but generally at a slow rate. With all the financing, closing costs and other expenses associated with owning a home, you might lose money if you sell in less than a few years.

You also have to think about the upkeep of a home. Everything from cutting the grass to putting on a new roof is your responsibility. These maintenance costs can really add up. Then add property taxes, utility bills and other expenses and you can get into some sizable payments.

But when you take full financial and maintenance responsibility for a home, it's yours to do with as you please. Paint the walls purple. Add a planetarium. Put in a fireman's pole. You're in charge.

There are also substantial financial advantages to owning a home. The part of your monthly payment that goes towards the principal is all equity. As your equity increases with time (and payments) it will be a source of financial stability for you, giving you collateral for a loan or producing a large sum of money if you sell.