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4th place: Warren, Mich
4th place: Warren, Mich
$239,000 buys this four-bedroom, thee-and-a-half bath house in Warren, Mich.
Median home price: $140,000
Median income: $79,000
Affordability score: 91.8%

Warren is the site of the General Motors Technical Center, a campus of more than 15,000 engineers and technicians that has served as the heart of GM's developmental initiative since 1955.

Given the GM problems, it's no surprise that the company has begun to cut its labor force in Warren and more layoffs there, as well as other automotive related industries are likely.

The presence of the technical center and other industrial research facilities means there are plenty of high-paying jobs in Warren and it boasts a very high median income of nearly $79,000. So even though home prices are a little more expensive, at $140,000 than many neighboring Michigan cities, affordability is almost as good as it gets.

NEXT: Grand Rapids, Mich.

Last updated November 25 2009: 10:08 AM ET
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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.
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