Pittsburgh is the only city where it's cheaper to buy a home than rent, according to a new report. 

Realtor.com says renting is more affordable than buying in 49 of the 50 largest U.S. cities, except for Pittsburgh. 

Renting vs. buying a home in Pittsburgh

According to realtor.com's June rental report, leasing a median home in Pittsburgh cost $1,473 last month, which is well below the national median asking rent of $1,711. 

Meanwhile, purchasing a starter home in the Steel City costs $1,362 a month. Economists said they got that figure by assuming a 9% down payment with a 30-year fixed mortgage, before tacking on HOA fees, taxes and homeowners insurance. 

Why is it cheaper to buy a home than rent in Pittsburgh? 

Buying over renting in Pittsburgh will result in a monthly savings of $111, which seems like a pretty good deal when you consider that in 49 of 50 top metros, buying a starter home costs $908 more than renting one in June. 

"Pittsburgh remains one of the most affordable places in the U.S. to live and to buy a home," realtor.com senior economic research analyst Hannah Jones said on the website. "It's the only major market where buying a home is cheaper than renting, and one of just three large metros where a median-income household can afford a median-priced home."

Realtor.com says since 2019, home prices in Pittsburgh have gone up about 31% while rents have jumped about 40%, pushing the cost of renting beyond the cost of buying.