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.

9 of 10
Fourth place: Santa Ana, Calif.
Fourth place: Santa Ana, Calif.
This precious 2-bedroom cottage in the Floral Park section of Santa Ana is a deal at $515,000.
Median home price: $435,000
Median income: $86,100
Affordability score: 34.5%

Many of the booming Orange County economies were driven by the once-swelling housing bubble. Thousands of jobs were created in construction, the real estate industry, retail and mortgage lending. Once that bubble burst, a lot of these jobs rapidly disappeared.

The Bureau of Labor Statistics counts Santa Ana as part of the Los Angeles metro area for calculating unemployment rate and that, at 11.3% in December, was above the national average.

Home prices have dropped substantially from the high they hit back in mid-2006, when the median Santa Ana home sold for $630,000. But prices rose to $435,000 during the final three months of 2009, up from $411,000.

That caused affordability to take a hit; only 34.5% of the homes sold were comfortably open to median-income earners. That was down from 37.6% three months earlier.

NEXT: Fifth place: Los Angeles
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
Black Friday 2015 in pictures Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More
Driving the ultimate in '50s Mercedes-Benz style The SC was the car that re-introduced Mercedes-Benz as a global luxury car icon. More
Driving the world's first car Driving a replica of the 1886 Benz Patent Motorwagen, the first internal combustion automobile. More

Special Offer