Ultimately, that question is simple to answer, yes it is better to own than to rent. Historically, homes and real estate appreciate in value. There are ups and downs in this cyclical market, so there are better times to buy, but buying has more potential.

The buy versus rent question; however, is also dependant upon one thing, length of stay. If you are in for the long haul, then much like stocks, your investment will grow. If you are in for the short term, there are many risks.

Additionally, homeownership has lost some of its tax incentives over the years, so there are definitely situations when renting might be favorable to owning.

Moreover, some areas just don't appreciate and people have a tendency to over-invest in real estate.

Nonetheless, according to Liz Pulliam Weston you can make owning more profitable than renting if you can stay put for at least 3 years, psychologically prepare yourself for the responsibility of homeownership, have some extra savings, and manage money well.

For more tips to make homeownership successful, click here for more advice from Ms. Weston.