Despite recent increases in home prices and mortgage rates, buying a home is still cheaper than renting, according to Trulia’s Summer 2013 Rent Vs. Buy Report. The report, which compared the average cost of renting and owning a home in America’s 100 largest metropolitan areas between June 1 and August 31, found homeownership is now 35 percent cheaper than renting. That’s down from last year when buying a home was 45 percent cheaper. Jed Kolko, Trulia’s chief economist, said, though rising mortgage rates and home prices have made buying less affordable than last year, they’re both still below historical norms. According to Kolko, mortgage rates would have to reach into double-digits before renting became cheaper than buying. The report found that homeownership was more affordable than renting in all of the largest 100 cities surveyed. San Jose, San Francisco, Honolulu, Orange County, and New York were the metros where the associated costs between renting and buying were closest. More here.