3 of 10
BACKNEXT
3rd place: Detroit
3rd place: Detroit
$189,000 buys a four-bed, three-bath home in the Palmer Woods section of Detroit.
Median home price: $84,000
Median income: $57,100
Affordability score: 92.2%

Detroit is transitioning from the leading manufacturing city of the land, the erstwhile "Arsenal of Democracy," into a leaner, more diversified economy. The metro area's unemployment picture has darkened significantly in recent months and in September stood at 17.3%, nearly twice the national average.

Metro Detroit home prices, pushed down by continued high foreclosure rates, shrank to a median of $86,000 during the third quarter of 2009. That was down from $145,000 back in 2005.

Even though the median family income is a modest $57,100, 94% of all homes sold during the quarter were affordable for the average household.

NEXT: 4th place: Warren, Mich
Last updated November 25 2009: 10:08 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Source: National Association of Homebuilders/Wells Fargo Housing Opportunity Index for the third quarter of 2009.
The NAHB judges a home to be affordable if a family making the metro area's median income could devote no more than 28% of their take-home pay toward housing costs.
More Galleries
Cool cars from the 2015 Geneva Motor Show These are some of the stand-out cars and trucks on display at the 2015 Geneva Motor Show. More
Yahoo: 20 years of hits and flops The company that once was Google turns 20. We look back at the many, many brands it has cycled through. Remember Geocities? Broadcast.com? More
10 big dot-com flops Remember Pets.com? The Nasdaq is roaring back towards its all-time high. Here are some of the biggest dot-com busts from the last time the Nasdaq topped 5,000. More

Special Offer