For first time home buyers deciding to take the plunge and buying a home can be a tough decision. Especially in today's real estate market with prices flat or declining. Here are arguments for both renting and buying.

The pluses for renting versus owning:

- Monthly costs: Renting can be more cost-efficient than owning if utilities are included. The monthly cost of owning is usually more than renting after you total the cost of mortgage, maintenance, taxes, and utilities.

-Features: Some rental apartments offer amenities that are not found in smaller condo/co-op buildings or single-family houses such as 24-hour door attendant, dry cleaners, or a grocery store. Unless you purchase in a full-amenity building you will most likely have to go off-site for some services you are accustomed to having only an elevator ride away.

-Maintenance and repairs: Renting allows you the luxury of repairing or maintaining nothing; if the air-conditioner breaks you call the manager. With owning you have to either repair the air-conditioner yourself or locate, meet, and pay a repair person.

-Mobility: Renting offers you the convenience of leaving your home when your lease expires. When owning you are tied to other persons