The most and least affordable housing markets

Where the average Joe can easily afford the average home and where he can't.

1 of 10
BACKNEXT
Indianapolis, Ind: The most affordable metro area
Indianapolis
$103,900: A 3-bed, 2-bath brick ranch on 1 third of an acre lot.
See More Views:
1 2 3
Median home price: $103,000
Median income: $65,100
Affordability score: 93.1%

America's most affordable housing market is the 33rd largest metro area in the United States with 1.7 million people.

Affordability here is buoyed by fairly high median income of $65,100 and rock bottom home prices. The median price for a home sold during the quarter was just $103,000, according to the National Association of Homebuilders and Wells Fargo.

Those low home prices, combined with reasonable mortgage interest rates make home-buying there a snap. A buyer of a median-priced home putting 20% down would pay only about $450 a month in mortgage expenses. Even though house buying costs are reasonable, the city has not escaped the foreclosure plague. More than 20,000 homes, representing nearly 3% of the city's households, received a foreclosure filing of some kind in 2008, the 26th highest rate in the nation.

The city grew up on a manufacturing base, including many automobile and auto parts makers. The economy now is more diversified with pharmaceuticals, banking, government and insurance all important employers, which has helped keep unemployment - 6.7% in December - below the national average.
NEXT: Warren Mich: 2nd most affordable metro area
Last updated February 26 2009: 12:46 PM ET
More Galleries
A cheapskate's guide to tech From ebooks to phone service, here are some tips for living your digital life on the cheap. More
2015 Mustang's asphalt-peeling power goes modern The new Ford Mustang has been upgraded and updated to compete globally - but never fear, it's still a monster. More
15 top executives with $1 salaries Some CEOs and founders agree to salaries of just $1 a year. But once goodies like bonuses and stock options are added in, some of those executives end up taking home many millions of dollars a year. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.