10 most affordable cities for homebuying

Looking to buy a home? These housing markets offer the best combination of low prices and competitive wages, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

.  Youngstown, Ohio

gallery affordable housing markets youngstown
  • Median home price: $82,000
  • Median income: $55,700
  • % of homes sold that are "affordable"*: 92.9%

People have been abandoning this one-time Rust-Belt industrial powerhouse ever since most of its steel mills closed in the 1970s. Before that, Youngstown had some of the highest-paid factory workers in the nation, according to data from the Federal Reserve Bank of St. Louis. Incomes today are less stellar; they lag the national median by 14%.

Meanwhile, as the population shrank, demand for housing collapsed, pulling down real-estate prices. Immaculate four-bedroom Youngstown colonials can be purchased for a little over $100,000. Fine old homes, badly in need of repair, can sell for $12,000.

Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
* % of new and existing homes sold that families earning that area's median income could afford.
  @CNNMoney - Last updated November 15 2012 10:05 AM ET

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