For a renter, the biggest worry is when the landlord will trudge up the stairs to make the repairs. For the home owner, the bucket will collect water until he or she pays a visit to a home repair store.

And the landlord isn't picking up the tab.

Buying a home is part of the American dream - the centerpiece enclosed by a white picket fence. The purchase is a long-term investment and part of finding roots within community. It's also a big responsibility.

Dennis McCartney, president of the Topeka Board of Realtors, said while the purchase of a home comes with responsibilities, it is a significant long-term investment. But home ownership isn't for everyone, he said.

"I've sold property to people who weren't in the mind to make monthly payments," he said. "They're just not cut out to be home owners."

The rent versus buy decision is dependent on time. A home buyer should be willing to commit to a house for at least two years, McCartney said.

"If you just graduated from college and moved into a new area, I wouldn't recommend it," he said. "It's just not a good thing to do."

Seasoned home owners or prepared renters making a leap into the home buying arena can profit from their investment in a home, McCartney said. Although the initial monthly costs of buying a home often are larger than the monthly rent bill, he said many people earn their life savings from selling a house that has appreciated in value.

The transition from renter to buyer can wreak havoc on disposable income. Landlords pay the investment costs, and a tenant pays shelter costs, but a home buyer foots the bill for both.

Down payments have been known to take a significant chunk from savings accounts.

"I have run into several situations where people have good incomes but have not saved a bunch of money," McCartney said.

Prospective home buyers who haven't been frugal in their savings aren't doomed from buying a house. McCartney said loans are available for those who don't have the typical 20 percent down payment for a home, although protecting one's credit is key.

Despite the natural progression of eventually purchasing a home in life, McCartney said both renting and buying have their advantages. Unpredictably in the short-term housing market can make home valuations a gamble.

In the long-run, McCartney said an upswing is almost a sure thing.

"It's a cycle," he said. "It goes up and down, but the trend is to continue to go up. Real estate is that way."