Buying a home could be cheaper than renting

A recent survey shows it's cheaper to buy a home than rent in many of the largest metropolitan areas.

According to real estate site, in 98 of 100 of the largest cities, the monthly cost to rent is more expensive than a mortgage payment, mainly because home prices have fallen so much.

Purchasing was cheapest in Detroit, Oklahoma City, and Dayton, Ohio.

San Francisco and Honolulu are the two cities where renting is cheapest. A tight supply of homes pushed values up in those cities.

According to brokerage firm CBRE, the average monthly rent for an apartment was $1,263 in the fourth quarter, which is the highest since 2008.

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