(MONEY Magazine) – WHETHER IT'S telecommuting, fax forwarding or shopping by video, today's status symbol is the freedom to stay at home. Small wonder, then, that in 1992 health- and fitness-club membership ran flat for the fourth straight year, while sales of home gym systems muscled ahead by a robust 16%. Last year, Americans spent more than $2 billion on exercise equipment. Says Richard Miller, owner of the Gym Source fitness-equipment store in New York City: "It's hard to beat working out at home. You never have to wait in line, and nobody messes up your equipment." Actually, there is one drawback. A lot of home gyms end up as highfalutin coatracks. Says Harold Denlow, president of the St. Louis consulting firm Corporate Fitness Midwest: "Whether it's expensive machines that never get used properly or inexpensive ones that break down, most people don't get much muscle for their money." And that's a costly shame: Top-rated treadmills run anywhere from $2,000 to $5,000, while reliable stationary bikes range from $300 to $2,500. To help you get the best workout for your wallet, MONEY asked more than a dozen fitness trainers, equipment makers and retailers for tips on buying exercise equipment. Here's their advice, as well as some favorite picks: -- Decide on your goals first -- and the equipment second. If you want to lose weight, you should turn to aerobic gear, such as a stationary bicycle or stair climber that can speed your heart rate and metabolism. Aspiring bodybuilders require weight stations or other muscle enhancers. Your best route through the jungle of available gym equipment is to sign on for temporary membership at a health club -- say, one to three months, depending on the club's rules. That way you can audition a wide variety of machines. Once you've settled on what works for you, shop in specialized fitness stores for durable higher-end equipment. Why? In the long run, it's a better value. Cheaper or low-priced equipment, seen on TV ads or in general merchandise stores, is more likely to break down than build you up. There's another benefit, as well. Says Denlow: "We find that the more someone invests in equipment and learns how it works, the more he or she uses it." -- Think compact. Unless you're totally gung-ho, buy equipment that doesn't occupy an entire room. Usually stationary bikes and stair climbers make the most efficient use of floor space and are light enough to be shoved into a corner when not in use. Among the better bikes now available: the Lifecycle 5500 ($995; 800-735-3867 for the dealer nearest you). Numerous computerized programs change the pedaling resistance and keep you motivated. -- Choose user-friendly equipment. Generally, the more complicated a piece of equipment is to use or adjust, the more maintenance it may require. Think about it: Not much goes wrong with a jump rope, but plenty can with an ill- designed or cheap stair climber or treadmill. That's why many experts recommend the Trotter CXT Plus treadmill for serious walkers and joggers, even though the price is steep ($3,495; 800-876-8837 for one of the 200 dealers nearest you). It features a computerized control panel that monitors numerous factors, from the elevation of the track to the calories burned. All you do is spray a manufacturer-provided lubricant on the belt and deck every 250 miles or so. Stair climbers favor the Tectrix Personal Climber ($2,095; 800-767-8082) because of sturdy and reliable construction. A simple control panel lets you program and monitor routines of varying difficulty. -- Consider low tech. Create your own gym with the following gear, for around $700 -- less than the cost of an exercise bike: Spalding's weighted SportRope ($24.95; 800-222-5867) offers a total-body workout in just 20 to 30 minutes. Here's why: While conventional jump-rope exercise works the heart, lungs and legs, weighted jumpers also involve the upper body. Swiveling handles and foam grips make them easy to use. Dyna-Band's stretch fitness bands ($9.95; 800-537-5512) can be tucked in a briefcase. These three-foot strips of latex condition and build muscle with the same principles of resistance used in Nautilus exercise systems. Each pack has an instruction card and three bands of varying thickness and strength. Ivanko Chrome Dumbbells ($424 for a set that consists of pairs of five-, 10-, 15-, 20- and 30-pound weights; 310-514-1155) are made of chrome-plated solid steel that have contoured handles for an easier grip. Twenty minutes with the Everlast Speed Bag ensemble, including air-inflated bag (model 4213, $58), platform (4262, $110) and gloves (4308, $26) will not only develop upper-body strength but also hone reflexes and blow off stress. Frelonic's Comfort Cushion exercise mat ($33; 508-744-0300; 22 inches by 58 inches) has a shock-absorbing middle layer and a special nonskid bottom. It's hand washable and comes in six colors.

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DURING THE LAST YEAR, FITNESS-CONSCIOUS AMERICANS HAVE SPENT MORE THAN $2 BILLION ON EXERCISE EQUIPMENT, INCLUDING $498 MILLION FOR TREADMILLS, $411 MILLION FOR CROSS-COUNTRY SKI EXERCISERS AND $284 MILLION FOR STATIONARY BIKES; EVEN SALES OF JUMP ROPES HIT $13 MILLION.

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-- Fitness picks from pros -- A lawyer report card -- Plus, rating legal software -- Kid lesson costs -- Remote-control relief -- What's in bottled water -- Hitch a ride on the dollar -- The latest travel scams

CHART: NOT AVAILABLE CREDIT: Source: National Sporting Goods Association, 1990 CAPTION: COMPARE SEX AND THE SINGLE EXERCISER. Wondering which exercise equipment is right for you? Take a few clues from these recent industry sales. As you can see, men prefer to pump up while women go that extra mile.