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.

.  Toledo, Ohio

gallery affordable housing markets toledo
  • Median home price: $88,000
  • Median income: $62,600
  • % of homes sold that are "affordable"*: 90.6%

Toledo is a classic Midwestern industrial town. Its proximity to Detroit helped make it an important auto parts manufacturer. Indeed, it still supplies Detroit with auto parts ranging from axles to exhaust systems to windshields.

But last decade's auto industry woes and the housing bust brought hard times. Residents moved away, leaving a glut of vacant homes. All those empty houses are dragging down prices. So while median incomes aren't terribly high here, that money goes far when buying a home in the area.

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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