According to conventional wisdom, it's always better to own than rent, right? During the current roller-coaster economy, it's natural to question everything—even wisdom. However, first-time homebuyers still have the most to gain in a buyer's market. Take into consideration a few facts:

• Housing prices and interest rates are at their lowest levels in years, so buying a home is more affordable than ever.
• According to the Wall Street Journal, recent drops in new home prices and interest rates bring the average difference between rent and mortgage payments closer than they have been in 10 years.
• It's hard to pass up free money. The federal government is offering a $8,000 tax credit to first-time homebuyers.
• According to the Federal Reserve Bank, long-term wealth accumulation for homeowners is 45 times greater than that of renters.
• Since first-time homebuyers don't have a home to sell, they have the least amount of risk in a buyer's market.

Although the numbers confirm conventional wisdom, as a first-time homebuyer, you must evaluate your own unique situation. If you aren't ready to commit to a house for a few years, then it probably isn't the best time for you to buy. On the other hand, if you are tired of landlords, your rent going up every year, and your upstairs neighbor's weekend dance parties, it may be time for you to consider investing in your own home.