6 of 10
BACKNEXT
6. Fresno, Calif.: Buy
Fresno, Calif.: Buy
Average list price: $154,000
Average annual rent: $11,200
Price to rent ratio: 8

Fresno was one of the Central Valley cities that boomed during the bubble. Prices there nearly tripled during the decade to a high of $307,000 in the second quarter of 2006, according to the National Association of Home Builders and Wells Fargo. Runaway prices had made home buying unaffordable for most Fresno residents.

Things have now overshot in the other direction as prices have dropped in half, giving the city a price-to-rent ratio of just over 8, making it the fourth most attractive city in the nation for buying.

Today, NAHB reports that 67% of the homes sold in the Fresno metro area are affordable to families earning the median household income there so many residents are now taking advantage of low prices to purchase.

NEXT: San Antonio: Buy
Last updated June 14 2010: 2:22 PM ET
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in:
  • New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
More Galleries
15 execs who make more than their CEOs Sure, corporate chiefs' pay often is eye-poppingly high. But at some companies, executives lower down the ladder quietly out-earned their CEO bosses. More
Novelty gifts for people with money to burn For those who've got the cash, these holiday gifts can really make a statement. More
The best stocks of 2014 This year has been very solid for stocks, but these 6 were the best of the S&P 500. More

Special Offer

Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.