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.