The Trulia Winter 2014 Rent vs. Buy Report tells us that the savings gap between renting and buying is narrowing across the U.S. Still, on average home ownership is still 38% cheaper than renting, ranging from 66% cheaper in Detroit to 5% in Honolulu.
Question to think about: Are you planning to relocate within 7 years? If so, it is likely better to rent than buy.
To compare the costs of owning and renting, Trulia assumed buyers get a 4.5% mortgage rate on a 30-year fixed-rate loan with 20% down; itemize their federal tax deductions and are in the 25% tax bracket; and will stay in their home for seven years.
Check out the Rent vs. Buy Calculator Trulia uses to power their map.