Home ownership is a less expensive option than renting in a majority of U.S. housing markets, even as median home prices shoot through the roof.

Home-prices are rising faster than both rents and wages while wages rise faster than rents. And the housing market boom of the past decade keeps pushing home values to new records. Yet home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.

The Southern and Midwestern markets remain the most affordable both for rentals and homeownership, while the West was found to be the least affordable for both renting and buying and the Northeast among the least affordable for buying.

The trend will continue slowly shifting towards renting being the more affordable option, but for now wage growth and low mortgage rates will continue to favor homebuying.