Should you buy a house? As a first time homebuyer this can be one of the biggest decisions you've ever faced.

Many of the stories in the news media would have you believe that buying a home right now would be too much of a gamble. They use scary figures about rapidly rising mortgage rates. And still others make most of us feel as though homeownership is something far out of our affordability.

The truth is -- all of these issues are partial truths. The economy could go belly up and thousands could lose equity in their homes or be stuck with a home that won't sell. Mortgage rates are going to rise -- a simple lesson in economic history proves that. And yes, you probably can't afford some of the homes on the market right now, with the average home price above $200,000 in most of the country, especially if you have large amounts of student or personal loans.

But homeownership is a feasible option.

There are simply several questions you need to start asking yourself.

How much debt do you have? Before you can take on a huge financial responsibility that a home is -- you need to pay down, or off, debts you have. Consider consolidating loans and getting rid of credit cards. Perhaps most importantly, you need to make sure that as you reduce debt, you increase your credit score. For more information, please contact a credit consultant.

Where will you be living in two to five years? If you are planning on being in an area for a short amount of time (less than 2 years), then renting may be a more financially feasible option for you. Buying (and selling) a home comes with fees and costs associated with closing the deal. Your house may not build enough equity in just 2 years for you to justify paying those fees twice. And if your home does appreciate in value quickly, if you live in the residence for under two years, you will probably not be eligible for a capital gains tax exemption.

What is the market like in your area? Are prices in your area rising quickly? Has the market gone into a slump? An economically sound region can expect prices to continue to rise, while prices may stall in an area experiencing hardship. For information on your area, contact a local professional and check out Realty Times' Market Conditions reports.

After these issues, most people are faced with two options. They can rent or they can buy.

Ginne Mae, who works closely with the Federal Housing Administration (FHA), another great source for information, -- offers an online calculator that gives a decent idea as to how buying and renting compare costwise.

For demonstration purposes - let's say your rent is $940 a month - the national average at this time.

Buying a home that costs $150,000, with 5 percent down ($7,500) could end up saving you $16,618 over the course of 5 years.

And because of appreciation, which one can predict to be at least 6 percent per year, that means over the next five years you'll have a home that's worth around 30 percent more than when you bought it. You'll have the extra money to pay off student loans and other expenses -- and build yourself some wonderful credit at the same time.

Now that's a win win.

The idea behind buying is getting a head start on building up your financial future. If you are planning on being in a location for any extended amount of time -- two or more years -- then you should strongly consider the option of buying. Not only will your home be growing in value, but you'll be saving yourself money on a month to month basis. In the example above -- the mortgage payment would come out to $700 a month. That's over $200 less a month than the average renter pays.

Becoming involved in the real estate market becomes less scary when you educate yourself. There some wonderful benefits to being a homeowner, such as having a more stable lifestyle, enjoying tax benefits, and watching your investment appreciate in value. And while some locations are more high risk, the majority of the U.S. sees fairly predictable prices and rates. Since 1968, according to NAR, homes on a national scale have never lost value and consistently beaten inflation. This is why real estate has always been a more secure investment than stocks. Unfortunately there is not sure way to gauge if it is the time to buy -- rather, one must make that decision based on personal factors and finances.

But you don't have to go this alone. The government and many financial institutions know how hard it is for first time buyers to get into a home. That is why there are numerous programs to help out.

For those interested in Rural living, please visit the Rural Development Housing & Community Facilities Programs page.

For minorities wanting to find out more about their options, call toll-free 1-866-7TRUTHS (1-877-ATREVE1 in Spanish), for information from Freddie Mac .

Also take a look at HUD's website , which offers programs for low income, minority, and many other homebuyers.