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.