6. Buffalo, N.Y.
Buffalo, N.Y.
Median home price: $94,000
Median income: $66,100
Affordability score: 91.2%

A world away from the Big Apple -- one of the most expensive housing markets in the nation -- Buffalo is the most affordable major metro area to buy a home in the state of New York.

Part of the reason is that demand for housing is very low. The area's population has shrunk by about 5% since 1990 as its Rust-Belt manufacturers either closed shop or laid off workers.

As a result, demand for housing is very low -- and home prices reflect that. The median home price in Buffalo was only $94,000 for homes sold during the first three months of 2012, according to the NAHB. That's far below the national median of $162,000.

Fortunately for home buyers, incomes aren't as depressed. The median income here is at just about the national level, making it very affordable to buy a home.


By Les Christie @CNNMoney - Last updated August 29 2012: 10:25 AM ET
Join the Conversation
Where home prices are rising the fastest

Home prices in these 10 metro areas expected to climb anywhere between 10% and 21% by the end of next year, according to Fiserv.

Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.