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.

.  Syracuse, N.Y.

gallery affordable houseing markets syracuse
  • Median home price: $124,000
  • Median income: $66,600
  • % of homes sold that are "affordable"*: 89.1%

Upstate New York cities offer a sharp contrast with their downstate big brother, quiet compared with frenzied. And unlike Gotham, upstate housing markets are among the most affordable in the country.

The city of Syracuse is no exception. Nearly all its growth came before 1930 and it has lost population nearly every decade since. Many residents moved to the suburbs after World War II but even the larger metro area has seen close to zero growth over the past 20 years.

But the stagnation has resulted in a stable housing stock, as low demand has kept prices down. Even better, many jobs in the area pay well, thanks to major employers like the State University Upstate Medical University, Syracuse University and Lockheed Martin. Workers have an easy time affording homes, with three-bedroom houses going for $100,000 or less.

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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