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

    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.

% saved buying: 24%

Median home price : $420,000

Median rent: $2,100