2 of 10
BACKNEXT
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
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
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More
A sampling of beers being made with traditional Latin flavors A small but growing number of craft breweries are including passion fruit, Mexican cinnamon and other traditional Latin flavors. 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.