Most affordable (tie): Youngstown, Ohio
This three-bed, three-bath home in Boardman is on the market for just $119,900.
Median income: $53,500
Affordability score: 94.9%
Youngstown was a vibrant, wealthy steel city for many decades. Workers there were paid some of the highest factory wages anywhere.
But the mill closings of the late 1970s devastated the area's economy, and about 40,000 manufacturing jobs have been lost. In March, 14% of workers in the area were idle.
As jobs vanished, the area's population shrank, leaving lots of vacant homes for sale -- from very modest row houses to huge mansions. That helps keep the median home price in the metro area very low -- and boosts Youngstown's affordability score.
Low interest rates also help. Financing 80% of a $69,000 home with a 30-year, fixed rate mortgage at 5% would result in a monthly payment of $296. At those kinds of prices, renters soon become homebuyers.
NEXT: Third place: Syracuse, N.Y.
Last updated May 24 2010: 1:00 PM ET
Source: National Association of Home Builders (NAHB) and Wells Fargo
