BOSTON -- While housing prices are going down and there are some good opportunities to buy, some would-be homeowners question if leasing a home a good option.

NewsCenter five's Steve Lacy reported Wednesday that Lorraine Caton recently moved to Boston from England. Like many people she's wondering whether now may be the time to buy.

Would-Be-Homeowners Question If Renting Is Best

"What we're paying on rental per month we could be paying on a mortgage," she said.

That has always been, perhaps, the biggest argument for home ownership. But is money spent on rent a waste?

"I don't think renting is throwing away money. You're paying for a place to live," said Michael DiMella, managing partner at Charlesgate Realty.

In Boston, he said rentals are up, but sales are brisk, as well.

"A lot of people are coming in asking, 'Is it a good time to buy or good time to rent? What should I do?'" DiMella said.

DiMella said buying makes sense if you plan on staying in one location longer then two to three years.

Boston College Professor Mary Ellen Carter said five years is a more realistic threshold.

"Over a shorter time period, the economics of home ownership make much less sense," Carter said.

She said many of the tax benefits of home ownership, such as the mortgage interest deduction, are overstated. She argues those benefits are already factored into the sales price.

"So the tax deduction I got from owning my home would just increase the cost of the home I'm going to buy," she said.

Carter also cautions that home ownership isn't for everybody.

"There are some people who get no joy out of mowing painting or doing home improvement projects," she said.

But if you're not afraid of a little sweat equity -- in the long term -- she said home ownership is likely a good bet.