9 of 10
BACKNEXT
4th place: Santa Ana, Calif.
4th place: Santa Ana, Calif.
$1.2 million buys a three-bed, three-bath in Santa Ana.
Median home price: $411,000
Median income: $86,100
Affordability score: 37.6%

Many of the booming Orange County economies were driven by the once-swelling housing bubble. Thousands of jobs were created in construction, the real estate industry, retail and mortgage lending. Once that bubble burst, a lot of these jobs rapidly disappeared.

The Bureau of Labor Statistics counts Santa Ana as part of the Los Angeles metro area for calculating unemployment rate and that, at 11.9% in September, was above the national average.

Home prices have dropped substantially from the high they hit back in mid-2006, when the median Santa Ana home sold for $630,000.



NEXT: Nassau/Suffolk, N.Y.

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
8 great convertibles for summer Slap on some sunscreen and hit the open road in one of these fun open-top cars. More
Corporate America celebrates gay marriage decision Big business took to Twitter to celebrate Friday's historic Supreme Court decision. More
Vacation experiences of a lifetime From spending months at sea cruising across the world to stepping right up to sea lions in their natural habitat, luxury travel network Virtuoso surveyed nearly 6,000 people from 60 countries to find out which vacation destinations top their lifelong bucket lists. More

Special Offer