Buying a home may be cheaper than renting

If you're looking for a new place to live, you may want to consider a house.

It looks like it may be cheaper to buy instead of rent. U.S. rents rose an average of more than 5 percent, over the last 12 months.

In some areas, the increase was much higher. San Francisco renters were paying nearly 15 percent more than they did a year earlier.

Analysts say the large number of former homeowners displaced by foreclosure have driven up demand for rental homes and apartments.