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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
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