According to the summer 2012 Rent vs. Buy Report released by Trulia, buying homes is a better deal than renting considering all the top 100 cities across the country.

The study included a comparison of homes for sale and homes for rent on the Trulia site between June 1st and August 31, 2012. Taking into consideration a 3% mortgage, itemized income tax deductions and a 7 year time horizon before the home is sold Trulia says that "homeownership wins hands down".

According to Jed Kolko, Turlia's chief economist, "Homeownership is cheaper than renting in all of the 100 largest metros by a wide margin. Rents continue to rise faster than prices, and mortgage rates are near record lows. However, it is difficult to take advantage of homeownership in today's market, as the down payments are high and it takes a high credit score to qualify for a mortgage.