I use rain shorts by Endura and Seal Skin waterproof socks. The shorts have the option of a snap-in liner or wear over whatever you want under them. They hit my knee when standing and just above the knee when riding allowing air flow up the legs. Half the size of long pants when packed in a bag and much more comfortable than full length legs when wearing them.

These Endura shorts are waterproof-breathable, cut specifically for cycling, have two zippered pockets, and have a non-blousy tailored fit. You might never wear full length rain pants again.