Houston homes remain more affordable than paying rent

A study by the website Trulia finds that those buying Houston homes are getting a better financial deal than those who are still paying monthly rent.

According to the report, the price-to-rent ratio for the Houston real estate market was 13, meaning that it would take roughly 13 years' rent at a two-bedroom home to pay for an average home. Anything below 16 is said to heavily favor buyers over renters.

"Since the start of the 'Great Recession,' many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets," said Pete Flint, CEO and co-founder of Trulia.

Due to the increase in rent prices, Trulia says buying a home is more affordable than renting in 36 of the country's 50 largest cities. Miami, Las Vegas and Arlington had the most affordable homes, while New York City and Seattle had the least.

The ratio has also been impacted by rising rents in Houston. According to RentJungle.com, as of last month, the average rent for a two-bedroom apartment in the city was $1,269, up more than $100 per month since the year before.