Buying is cheaper than renting in most in area counties

Renting is still cheaper than buying a house in nearly 59 percent of the nation, but not in many area counties.

Home prices are rising faster than wages in 80 percent of metropolitan areas and faster than rent in 70 percent, putting homebuying out of reach for many who don't already own, according to a report from ATTOM Data Solutions, using data from the U.S. Department of Housing and Urban Development and Bureau of Labor Statistics.

»PHOTOS: Downtown condo with open floor plan hits market

With the exception of Warren County and Greene County, which has one of the most affordable markets for renting when considering average income and rent, it’s cheaper to buy a home than rent a three-bedroom property in most area counties.

Here’s the breakdown:

Montgomery County

Cheaper to buy

Percent of average wages spent on 3-bedroom rent: 28.8 percent

Percent of average wages spent on mortgage after 3 percent down: 25.5 percent

Greene County

Cheaper to rent

Percent of average wages spent on 3-bedroom rent: 24.2 percent

Percent of average wages spent on mortgage after 3 percent down: 24.7 percent

Clark County

Cheaper to buy

Percent of average wages spent on 3-bedroom rent: 31.4 percent