We all know that rising mortgage rates and price increases have taken a bite out of affordability, but how does renting compare with owning in 2014?

The homeownership/renting debate is an everlasting one, but in the post-boom housing market, the data has been firmly in the corner of the homeownership crowd. With both home prices and mortgage rates at record lows, it made overwhelming sense to own.

In the last 12 months, though, the situation has changed radically. Not only are mortgage rates up by 80 basis points, but home prices have posted double-digit increases; suddenly, the owning/renting debate is not so clear cut.

To get an idea of where we’re at, we analyzed new data from Trulia, which compared home prices to asking rents in the nation’s largest housing markets and computed how much cheaper owning was than renting, assuming the following things: that buyers get a 4.5% mortgage rate on a 30-year fixed-rate loan with 20 percent down; itemize their federal tax deductions and are in the 25% tax bracket; and will stay in their home for seven years.

What did Trulia uncover? Check out our graphic below for an idea: