Consider that long-term property ownership is pretty much the most guaranteed investment there is. With very few exceptions, real estate appreciates at a gradual rate. There are always ups and downs in the market, but the big picture sees real estate gaining value, so owners that sit on their investment for 10 years or more are sure to earn equity that makes the endeavor very worth while. Investing in real estate gives you long-term financial stability and independence.

Homeowners make the community. It's true that when people are financially invested in their community, and have the long term vision associated with real estate ownership, they are more committed to their community. Truly setting down roots in a place can be a very rewarding experience. When homeowners get involved in community events and neighborhood organizations, it builds the community and is rewarding for everyone involved.

Home ownership gives you creative control. You can decorate your surroundings how ever you want, and pets are always allowed'if you want them. If you are the type that loves to putter around the house and yard, you will love knowing that the work you do is increasing the value of your home and property, and that you will be able to enjoy for as long as you want.

Another great reason to buy a home is that you can extend your mortgage to a longer term and pay less per month, or speed up the process so that you pay more now, but are finished paying it back sooner. If you're a workaholic now but dream of an early retirement, this could be a great opportunity. Once your mortgage is paid off, that's it: the home is yours. You're just paying for insurance and utilities.

Even if you are long away from paying off your mortgage, the average mortgage payment is far below what the same home or apartment would rent for. Consider a couple I know who's total monthly mortgage and insurance costs are at just around $700. The home they live in could rent for $1500 or more at their local rates. They're very glad they bought when they did.

So if you're sitting on the fence, considering buying but a little wary of today's market, realize this: It's a great time to buy because the recent federal takeover of the two main investment loan firms means low mortgage rates. Plus, with a market that's bottomed out, you know the only way home values are going to go at this point is up.