Homeownership may be the stuff of American dreams, but it doesn't come cheap. Even a reasonably priced home will end up costing many more times the initial amount. In addition to the mortgage, there's interest, taxes, insurance and upkeep. And that's before any renovations you might want to make.
For many, homeownership may not make financial sense, said Laura Walton, executive director of the TCI Foundation, a nonprofit that provides financial literacy education to young adults.
"The idea of homeownership is so ingrained in our culture," she said. "But not everyone should own a home."