If you can't afford to buy, don't stress. It's okay to rent, Orman says, especially if you live in a pricey city like San Francisco or New York.
"I know a lot of you think the key to wealth is buying a home, paying it off and owning your own home outright," Orman says. However, "sometimes it makes sense to own a home. And sometimes, depending on where you live, it makes sense to simply rent."
If you live in an expensive area, Orman suggests investing any extra cash in the market instead: "Whatever money you have freed up, that money is money you invest in the stock market — you get yourself out of debt, you keep dollar-cost averaging, you max out on your retirement accounts, then you have investment accounts and you just keep going and going and going."
Eventually, you may have enough to buy something, or you may decide to pursue other financial goals.
Other experts agree that, if you do want to buy, you should make sure you're buying for the right reasons. "Being smart with your money can look like living in an affordable rental and continuing to save and invest for future goals," Eric Roberge, a CFP and founder of Beyond Your Hammock, tells CNBC Make It.