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.

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 look at Sears through the years Now Sears has officially said its business has an uncertain future, here's a look at photographs that documents the store's rich history. More
Coolest hotel bars for business travelers in 2017 CNNMoney asked a high-end concierge service for routine business travelers what hotel bars they'd recommend in 4 major U.S. cities. Here are the best spots. More
Top credit cards for business travelers 2017 Just like a pair of pants, there's no 'one size fits all' when it comes to the best credit cards for travelers. More

Special Offer