Buy vs. rent: What you'll pay in the 10 biggest cities

% saved buying: 24%
Median home price : $420,000
Median rent: $2,100

Even though Los Angeles' homes prices have risen some 20% in the past year, it's still cheaper to buy than rent there.

Like New York, a lot of that has to do with low mortgage rates. According to Trulia, rates would have to climb to 7% or more for renting to be a better deal than buying a home.

Of course, a lot depends on what part of the city you live in. Residents of Bel Air, for example, easily pay a couple of million dollars for homes there, while those who live in the San Fernando Valley can pay less than $200,000.

First published March 3, 2014: 12:09 PM ET

Source: Trulia
In order to get a more accurate comparison, Trulia estimated sale prices and rents for similar homes in similar neighborhoods, instead of using the average sale price or rental rate. It further calculated the initial total monthly costs of owning and renting, including maintenance, insurance and taxes, as well as future costs of owning and renting, such as price and rent appreciation and inflation. Trulia also included one-time transactional costs, including down payments, sales proceeds and security deposits. It assumes that buyers get a 30-year fixed mortgage with a 4.5% rate and put 20% down and that residents stay in their home for at least seven years.

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