10 of 10
BACKNEXT
Fifth place: Los Angeles
Fifth place: Los Angeles
Close to Venice, this 2-bedroom house is a relative bargain for pricey L.A. at just $529,000.
Median home price: $320,000
Median income: $62,100
Affordability score: 36.8%

As the City of Angels filled in and up, with the population exploding to nearly 4 million in town and 13 million in the metro area, the city has mostly run out of land to build on. That has led to much higher development costs and home prices.

Still, L.A. values have fallen far from the bubble years, off nearly 40% since mid-2006. Affordability is improved as well, with 36.8% of homes sold falling in a range that median income earners could comfortably pay for.

With prices much lower and unemployment at 11.3%, many area homeowners are having a tough time staying out of foreclosure; there were filings on nearly 176,000 homes last year, the highest total for any metro area.

All those properties coming back on the market has depressed prices that would otherwise be far less affordable than they are now.



NEXT
Last updated February 19 2010: 7:45 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)
More Galleries
10 things you'll love about Windows 10 There's a lot to like about Windows 10. Here are our favorite features in Microsoft's soon-to-be-released operating system. More
Warren Buffett's gone cold. How his top 10 stocks are doing The Oracle of Omaha is an investing legend. But several of Berkshire Hathaway's biggest investments are off to a lousy start in 2015. Will shareholders complain at the annual meeting in Omaha on Saturday? More
BMW's M235i doesn't compromise BMW's new M235i gives you the performance of an M car for a lot less money. More

Special Offer