Ocala Fla. Median price: $75,400
Ocala Fla. Median price: $75,400
This four-bedroom Ocala ranch is a cool price: $74,000.

Affordable housing is not confined to the Midwest. This northern Florida metro area boasted the lowest median home price of any Sun-Belt metro area during early 2011, just $75,400.

Many of the homes sold were "distressed properties," short sales and foreclosures that sell at deep discounts to conventional sales. The area ranked 42nd in foreclosures during the first three months of 2011, with a rate of a filing for every 142 households.

Like much of Florida, Ocala experienced a frothy housing market during the boom years and its economy was buoyed by new residential building. When the bubble burst, the area took a double hit, as many construction jobs dried up. Unemployment is still more than 12%.

There are a lot of recently built homes on the market at bargain prices. One example: a five-year-old, two-bedroom, 1,400 square foot home in a great neighborhood lists for just $75,000.

Last updated June 21 2011: 4:54 PM ET

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