Mortgage rates may still be near historic lows, but with home prices rising--up an average 10% over the past year--should you buy now, or are you better off renting?

See related calculator: Should you rent or buy?

While it depends on where you live and how long you plan to stick around, Zillow crunched the numbers (taking into consideration all possible costs associated with both buying and renting, as well as other factors) and found that in most major markets it still makes better financial sense to buy.

“In roughly 60 percent of the metropolitan area we analyzed in our breakeven study, you can break even in less than three years,” says Svenja Gudell, Zillow’s senior economist.

In some markets - like Detroit, Miami and Phoenix, you can make your money back in about two years. In others, like Duluth, Memphis, and Shreveport--less than two years!

Take a city like Cleveland, which has a break-even point of about two and a half years. Trulia says you can spend an average of $500 a month