High mortgage rates and fewer buying options have made owning a home almost 37% more expensive than renting, according to Bankrate The study indicates it's cheaper to rent a home than to buy one in all of the top 50 U.S. cities, with the average monthly mortgage payment for a median-priced home sitting at $2,703, and the average monthly rent payment sitting at $1,979 as of February, marking a 36.6% difference between the two price points. Key findings from the Bankrate study include:

• Monthly costs of owning a home in 21 U.S. metros is at least 50% more expensive than paying rent each month.
• The five U.S. metros with the smallest cost differences between renting and buying are Detroit-Warren-Dearborn, MI (2%); Pittsburgh, PA (5.2%); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (8.7%); Cleveland-Elyria, OH (11.6%); and Buffalo-Cheektowaga, NY (20.2%).
• The five U.S. metros with the widest cost differences between renting and buying are San Francisco-Oakland-Berkeley, CA (180.7%); San Jose-Sunnyvale-Santa Clara, CA (162.3%); Seattle-Tacoma-Bellevue, WA (125%); Salt Lake City, UT (89%); and Austin-Round Rock-Georgetown, TX (86.5%).

While prices fluctuate between locations, renters insurance costs an average of $148 annually, or about $12 each month, and doesn't cover structural damage, with rates largely based on risk proximity to natural disasters like severe storms, hurricanes, and flooding. The slideshow above illustrates the top rental markets in the U.S. as selected by RentCafe. Related:

• These housing markets are most at risk of decline
• 10 U.S. states where pricey home insurance is driving relocations
• NJ spotlights possible affordable-housing insurance issues