Renting vs. Buying a Home

Aug. 15, 2006 — -- The national median mortgage payment is $1,687 a month -- nearly double the median rent payment of $868 a month.

Yet people are often told that buying property is one of the strongest investments they can make.

What is the best option?

"Good Morning America's" real estate contributor Barbara Corcoran says it depends on your needs.

She's the founder of The Corcoran Group, a major New York real estate agency, and she's outlined some of the pros and cons that come along with both renting and buying.

She's also outlined other things you should know about foreclosures and mortgage rates.

Rent Pros: