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.

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
This Indian university cranks out top-tier tech execs Many graduates from the Indian Institute of Technology have gone on to start and lead global tech companies. Here are a few of the most notable alums. More
Most valuable American car up for auction Carroll Shelby's own very first Shelby Cobra will be sold in August. It's almost certain to be the most valuable American car ever sold. More
Kilts business wants to end "tyranny of trousers" for men Utilikilts founder Steven Villegas wants utility kilts to replace pants as mainstream menswear. More

Special Offer