With rents escalating, many people are discovering that owning their own home is financially favorable to renting. Recent studies show that the country’s housing market is starting to trend toward buying being your best option.

Leveling Off 

Major cities like New York, Cleveland and Chicago have become places where it’s better to buy than rent. In Miami and Portland, it’s still debatable whether you should buy or rent, but researchers have noted that home buying prices in the two cities is starting to level off.

Sliding Into Rent Territory 

Several U.S. cities continue to outprice average income earners in the housing market. For instance, Dallas and Denver are becoming cities where it’s slightly better to rent while Houston has significantly shifted into the renting lifestyle. In both Dallas and Houston, residents are dealing with flat income growth. This situation is worrisome for the city because it often creates shaky economic conditions. However, an unsteady economy may also cause housing prices to drop, so if you’re on the fence about purchasing a home, keep an eye on the market because houses could soon become more affordable in your area.

Toss-Up Cities

A number of the nation’s cities remain a toss-up when it comes to buying over renting. San Francisco, Honolulu, Seattle and Pittsburgh fall into this category. When study experts reviewed the recent cost of living data, they found that the span between owning a home and renting one in these cities resulted in the same wealth opportunities, so it comes down to your personal preference. Despite needing a high middle-class income to live in California or Hawaii, most of America’s cities are seeing more affordable houses for sale.