3 of 10
Rochester, NY
Rent as % of after tax mortgage payment: 136.0%
Median home price change, 2006-2010: 3.6%

It's hard to imagine that New York might offer affordable buying opportunities, but the vast upstate swath is markedly different from the New York City metropolitan area. Rochester, along with other upstate cities like Buffalo (see slide 9) and Syracuse, has some of the most affordable real estate in the nation.

And that's not just because housing prices fell so significantly during the recession. In fact, housing prices in Rochester rose slightly between 2006 and 2010, but the rent vs. own equation still favors owners here. The second-largest economy in the state, Rochester weathered the recession well because it didn't overbuild like so many other cities did when housing took off.

NEXT: Cleveland
Last updated March 29 2011: 9:31 AM ET
Housing bear David Rosenberg says that apartment REITs should continue their streak for the foreseeable future. More
From energy savings to college costs, Americans are getting a lot of breaks from Uncle Sam during this tax season. But get them while they last -- the good times are about to end. More
Houses look more affordable than ever. But prices will have to fall further before many Americans can actually afford to buy one. More