Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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
Best business class airline lounges around the world Between August 2015 and May 2016, Skytrax surveyed over 19.2 million customers to find the best airline lounges. Here is what they found. More
What Boeing's new 737 Max 9 has under the hood Boeing unveiled its new, longer 737 Max 9 airliner earlier this month, the second member of the updated single-aisle jet family. The first aircraft will deliver to airlines starting in 2018. More
Toy Fair surfaces holograms, robotic animals, dolls for boys The Toy Industry Association's annual fair revealed countless tech-enabled toys -- and some fresh takes on old classics. More

Special Offer