Taking a job in Pittsburgh? What type of housing should you consider?

Someone moving to Pittsburgh from San Francisco may think they have hit the jackpot when they realize how far their dollar can go in this housing market. But someone else may reject homeownership altogether rather than embrace six figures worth of debt.

Transferring from one market to another means learning a new normal — and determining if that salary offer will buy the lifestyle that you want.

Home prices in the city of Pittsburgh have increased at spectacular rates in recent years. Many would-be home buyers have found themselves priced out of the most sought-after neighborhoods in the city — such as Shadyside, Squirrel Hill and Lawrenceville.

Pittsburgh’s suburbs still remain relatively affordable. Homes in good school districts can still be purchased for less than $200,000 within a 30-minute drive to Downtown. Some of those communities include Monroeville, Ross, Shaler and Scott.

But in general, increasing home prices and higher mortgage rates have made it cheaper to rent a home than own one in in many cities, including Pittsburgh.

A recent report by the real estate data firm Attom Data Solutions found in more than half — 59 percent — of the housing markets it studied — 442 of 755 U.S. counties — renting a threebedroom home is now more affordable than buying a median-priced home.

The strongest argument for owning the home you live in is that owners build wealth, and renting is a waste of money.

Yet new research from faculty at Florida Atlantic University and Florida International University found that it’s not only cheaper to rent, it may also be a better investment. The researchers found that renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation.

Homeownership has its benefits and advantages, but it’s no easy street to financial success.

Homeowners also could spend a fortune on interest payments to the bank, taxes to the government, home maintenance and other fees. Like rent payments, much of the money spent on certain expenses does nothing to help build the owner’s equity.

Keller Williams real estate agent Mike Netzel said the decision to buy or rent is an easier one to make while interest rates are still low.

“The cost of money is a valid barrier,” Mr. Netzel said.

“Right now, the barriers are down. If it works for you, make it work,” he said. “Over the long haul, real estate ownership is a mandatory savings account and we need mandatory savings because the U.S. savings rate is down and keeps going down. If we aren’t forced to save, we don’t do it.”