Renting a home is more affordable than buying in over half of housing markets in the US new analysis shows, with prices rising faster than rents.

In some 59% of markets it is cheaper to rent, according to the research from real estate firm ATTOM data solutions shows. It found that renting is more affordable than buying a home in the nation’s 18 most populated counties and in 37 of 40 counties with a population of 1m or more, including Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston.

Among the 40 counties analysed in the report with a population of 1m or more, the three where it is more affordable to buy a home than rent were Wayne County in Detroit, Philadelphia County in Pennsylvania and Cuyahoga County in Cleveland.

‘With rental affordability outpacing home affordability in the majority of US housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that, a dream,’ said Jennifer von Pohlmann, director of content at ATTOM Data Solutions.