It's Now Better to Rent Than Buy in Today's Housing Market

The rent vs. buy equation has shifted to the rent side, according to CNBC's Diana Olick.

For nearly a decade the answer has been buy. The crash in home prices, combined with record-low mortgage rates made buying and owning a home both cheaper than renting one and a better investment.

Now, the tide has turned.

Fast-rising home prices and higher mortgage rates have shifted the calculation to rent. The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally, according to realtor.com. Rents are up just 4 percent. The number of local housing markets where it is cheaper to rent than buy is growing by the day.

Buying a home now cheaper than renting in only 35% of US counties from CNBC.