For many people, owning a home is still the embodiment of the American dream. (I guess they don't know yet about clogged gutters, weeding and broken water heaters.) The desire to own something, to call something yours, is a strong one.

Of course, the American dream has taken a bit of a hit these days, what with housing values plummeting and a record number of homes falling into foreclosure. Still, there are a lot of renters out there who dream of making the move to home ownership.

Before you decide to leave renting behind, though, make sure to ask yourself the right questions. Not everyone is cut out to be a homeowner right now. You may not be financially ready to take on the burden of a monthly mortgage payment.

Look at your history of paying your existing bills. Are you ever late sending in that car payment? Do you struggle to make the minimum payment on your credit cards? Have you missed a phone bill or two?

If you answered "yes" to any of these questions, you might not be ready to own a home. Taking out a mortgage loan is a big financial responsibility. You have to make these payments on time. At the same time, you have to meet your other financial obligations.

Look at your budget, too. How much wriggle room is in there? Don't forget, the cost of owning a house is more than just your mortgage payment. You'll have to pay property taxes. You'll have to shell out emergency dollars whenever anything goes wrong ... and something will go wrong, you can count on that.

Don't rush into owning a home. For some, renting is still the best option. Wait until you get yourself in sound financial shape. Then you'll be ready to own a home.