Home prices have taken such a beating and demand for rental units has increased so much that it’s now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities.

According to online real estate site Trulia, buying was cheaper than renting in 74 percent of the country’s 50 largest cities in July. In just 12 percent of the cities, including New York, Seattle and San Francisco, renting was cheaper. In the remaining 14 percent of cities, renting was less expensive but close to the cost of buying.

In addition to a continuing decline in home prices, low interest rates have added a lot of weight to the buy side of the scale. Add in the tax perks of home ownership and for those who can afford it and can actually qualify for a loan, it certainly is a buyer’s market.