From The American Homeowners Association

So you're earning a good salary, the future is bright and you rent because owning a home is too much responsibility.

Hey, get a grip, and get going on buying a home. Home ownership isn't just for people with kids, a station wagon and a sheepdog.

Thirty six percent of young Americans aged 25 to 29 already own a home. What's stopping you?

“If you don't own a home, you're missing out on a good investment that 67 percent of Americans have already taken advantage of,” says Richard Roll, president of American Homeowners Association. “And you're probably spending too much money on rent and income taxes.”

Of course, home ownership may not make sense if you anticipate moving in the next year or two, or a job change is imminent. But don't overlook the advantages.

Here's how to get your priorities straight. If you've got a steady job and a decent credit history, you're a prime candidate for a home loan. To figure out what you can afford, use what lenders call the 28 percent guideline. Generally speaking, a lender will recommend keeping your monthly mortgage payment to less than 28 percent of your monthly income before taxes, give or take.

If you're already spending nearly that much on rent, your landlord is the only one making money on the deal.

Scared by the idea of forking over 10 percent of the price in a down payment? Don't worry, there are various first-time home buyer loan programs that require only 3-5 percent in a down payment.

Some are guaranteed by HUD and the Federal Housing Administration; others are privately funded through Fannie Mae and require the borrower to meet certain low to moderate-income guidelines. Other loans don't have any income restrictions.

And if you're worried about the monthly payment, don't forget to factor in the tax savings. Three major items are deductible from your federal income taxes: mortgage loan interest, including any late fees; purchase points, also known as loan origination fees; and, property taxes. Just the mortgage interest alone could slice several thousand dollars off your taxable income.

Be creative in finding money for the down payment. Let's say you're getting married. American couples spend $16,000 on the average wedding. How about taking half of the budget and devoting that to the down payment on a home?

Chances are you'll still have a great wedding but you'll have your own place to go to after the honeymoon.

Or on a more modest scale, how about saving some money right now? Start watching what you spend every month on vacations, clothes, sporting equipment, restaurant meals and other discretionary expenses. Put yourself on a budget and sock away some money every month.

Don't want the hassle of yard work or cleaning the gutters? Perhaps a townhouse or condominium is for you. Apart from reducing your maintenance hassles, you may find condos or townhouses more reasonably priced than single-family, detached homes. Chances are you'll find other people in your age group living there, too.