When it comes to a basic monthly payment for housing, owning is significantly cheaper today for most than renting.

U.S. homebuyers on average pay about 15 percent of their incomes on their mortgages, compared to renters, who pay nearly twice that, according to a new survey by Zillow, a real estate company. This is the case even for first-time buyers who put smaller down payments on their mortgages. Interest rates are historically low, and home price gains are beginning to ease. So why aren't more young Americans buying?

"It's very difficult to come up with a down payment when so much of your monthly paycheck—especially on an entry-level salary—is going to your landlord instead of into your savings," noted Stan Humphries, chief economist at Zillow. "Buying conditions are getting better every day, and in time the allure of fixed housing payments and building wealth through home equity will draw more buyers out of rentals and into home ownership."

