It appears that in many markets, housing continues to offer an exceptional opportunity, in fact according to current numbers homeownership is 38% cheaper than renting. But, that opportunity is rapidly evaporating as the gap between renting and buying narrows across the U.S.

• Homeownership remains cheaper than renting in all of the 100 largest metro areas.

• Rising mortgage rates and home prices have narrowed the gap over the past year.

• Presently, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper one year ago.

• The math is different in each local market. Owning just 5% cheaper than renting in Honolulu to 66% cheaper in Detroit.

While prices have increased in many markets over the past year, low mortgage rates have kept renting more expensive than buying.