Is it a better time to rent or buy a home?

The median cost of renting a home around the U.S. has hit record highs for 16 straight months, with a typical apartment in June now going for $1,876, according to Realtor.com. So should that spur renters to take the plunge into buying their own pad?

Not necessarily. On average, first-time homebuyers could expect their monthly payments to top $2,400, according to the real estate listings firm. Renting is cheaper than buying in three-quarters of the country's 50 largest metro areas, Realtor.com found.

The culprit? Rising mortgage rates, which "are increasingly tipping the housing affordability scale in favor of renting over first-time buying," according to the research company.