According to Forbes:
Although the gap between renting and buying is narrowing across the U.S., home ownership is still 38% cheaper than renting. Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas according to Trulia’s latest Winter Rent vs. Buy report. Rising mortgage rates and home prices have narrowed the gap over the past year, though rates have recently dropped and price gains are slowing. Now, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally.