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Runner up: Detroit
Runner up: Detroit
Bargains like this 3-bed, 1.5 bath for $170,000 are common in Detroit.
Median home price: $86,000
Median income: $57,100
Affordability score: 93.4%

Detroit is transitioning from the leading manufacturing city of the land, the erstwhile "Arsenal of Democracy," into a leaner, more diversified economy.

The metro area's unemployment picture has darkened significantly in recent months and in December stood at 14.9%, nearly five percentage points higher than the national average. Still, it's an improvement of 2.4 points over three months earlier.

Metro Detroit home prices, pushed down by continued high foreclosure rates, stood at a median of $86,000 during the fourth quarter of 2009. That was down from $145,000 back in 2005.

Even though the median family income is a modest $57,100, almost 94% of all homes sold during the quarter were affordable for the average household.

NEXT: Third place: Dayton, Ohio
Last updated February 19 2010: 7:45 AM ET
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