Remember, how your parents always told you that you should buy a house when you grow up? We're not saying you shouldn't listen to your parents. Just keep in mind that renting can be a smart investment, as homeownership may be the American Dream, but it is not always the best financial choice.

Researchers estimate that nearly 20 percent of house buyers would have saved money by renting, while another report by Harvard University concluded that during the past 15 years, renting made better financial sense than owning.

There are several very common financial misunderstandings about owning a house. Read them below to learn how to counter your mother, father and all those well-meaning people who keep saying you should stop renting and start buying.

Some of the real and, perhaps, surprising answers to several of the top homeownership myths include:

• Myth# 1: I'll get a huge tax break, if I buy a house.
  Reality: For the majority, there's no tax benefit. If your mortgage interest and other qualifying expenses aren't more than the standard deduction, you get zip.
• Myth# 2: Paying rent is throwing away money.
  Reality: During the first five years of ownership, more than 80 percent of your monthly mortgage payment is interest. And nearly one third of all homeowners move within five years, before they start building any real equity. Add in the money they spend on maintenance, taxes, insurance and the costs to buy and sell their house, and most would have saved money by renting.
• Myth# 3: My mortgage payment will be less than my rent.
  Reality: Your mortgage payment is just the beginning. The "hidden costs" of ownership, like house maintenance, can add up to thousands of dollars a year. And that doesn't include property taxes, insurance, home improvement, decorating or landscaping you decide to do. You also need to be prepared for the unexpected, whereas renters know exactly how much their housing is going to cost them each month.
• Myth# 4: If I own, my housing costs will not go up.
  Reality: Your mortgage may remain constant, but other costs, such as maintenance, insurance and property taxes can go up significantly every year. And if you have an adjustable-rate mortgage, your mortgage payment itself can increase.
• Myth# 5: Investing in real estate is safe.
  Reality: Even in today's healthy housing market, stocks and bonds often still offer a better return.

Content provided by National Multi Housing Council (NMHC)