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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
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