For most people who can muster the down payment, buying is the better choice. But it's not a slam-dunk decision. Here's what you have to take into account.

 By Adriane G. Berg

Still unsure that buying a home beats renting? Even after the advice of well-known financial planning experts such as your brother-in-law and your dentist?

Before you flip a coin, here’s the answer: If you're like most people, you're better off buying.

To put it simply, being like most people means you'll stay put in your next home for seven years or so. Longer than that, renting becomes irrational, financially speaking. It means the numbers add up to a negative, and you'll become a loser. The longer you rent without buying, the more you will lose.

Although nearly two-thirds of the nation’s households own their own homes, it’s not the best choice for everyone. If you move a lot from city to city or you have had credit problems or simply can’t afford the home you like, you may be better off renting.

The choice between renting or buying is a tough one, both financially and emotionally. Owning a home means you have to pay not just the mortgage each month, but real estate taxes, homeowner’s insurance, maintenance costs and any other incidentals that occur. From an emotional standpoint, it means you’ve agreed to establish roots in a single place with a long-term loan that for most people, lasts 30 years.

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