Most (and least) affordable cities to buy a home

These are the five most affordable major metro areas in the nation for homebuyers and five markets where home prices are least affordable.

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U.S.: 72% of all homes are affordable
U.S.: 72% of all homes are affordable
This Grand Rapids, Mich., home sells for $140,000.
The U.S. housing markets stayed very affordable this past summer: 72.1% of all homes sold during the three months ended Sept. 30 were priced so reasonably that people earning the median household income could afford to buy them, according to an industry report.

One big factor enhancing affordability is the continued rock-bottom interest rates, which were at 4.32% by the end of September.

"With interest rates remaining at historically low levels, and house prices starting to stabilize, homeownership is within reach of more households than it has been for almost 20 years," said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.


NEXT: Most affordable: Indianapolis
Last updated November 19 2010: 1:44 PM ET
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