My mom says this is crap. Despite student loans, when you buy a property in today's market you're buying an investment that will be worth more years down the line. For folks who aren't in a city to stay or if you're up to your eyes in credit card debt, renting is still the best option, but if you're in the area for the long-term, your folks can help you get rid of the credit cards, and you have a job for now, even if its an entry level job, she says you might consider buying your first place.

A few years ago at the peak of the market it was the time to sell. Housing prices were through the roof and those who purchased homes did so at top dollar. Today, everyone is selling either out of necessity, curiosity, or convenience. The result is an overabundance of property, driving down the cost of a house, particularly those older homes that don't feature many of the new spicy appliances and open floor plans. Sure they might not be as sexy, but a fixer-upper can be a steal especially if its a foreclosed property or bank owned.

At the same time, the government is offering unbelievable incentives for first time home buyers, many of which are under 35. If you buy your first house before December 1, 2009 you get an $8,000 tax credit. For two of my friends who've purchased in the last 3 months, they went back to amend their 2008 taxes and got their $8,000. One of my friends in Oklahoma applied the $8,000 to the principal on her mortgage, the other in Denver is buying new bedroom furniture.

This is all in efforts to spur the industry that is hurting so significantly, but because so many young people graduate with so much debt, they think they aren't financially stable enough to buy homes. At the same time, most banks aren't doing any kind of marketing outreach to the Millennial Generation via tools like social network or even traditional marketing to youth simply because they aren't educated about its benefits.

So we end up with predatory lenders who prey on anything that moves, instead of honest banks who could be utilizing good marketing techniques to promote youth friendly living. Options like condos, urban lofts, townhouses, downtown revitalization projects, and all sorts of home owner choices are available to youth who might be interested, but simply don't know it's an option for them. Remember, this is a first home, you don't need the antebellum house with just you, the dog, and a roommate.

Mom says this is a buyers market, and if you have the right credit now, you shouldn't let the fear of the economy scare you away from owning your first place, building your credit, and developing your investments rather than continuing to write checks to pay rent to something you'll never own.