10 least affordable cities to buy a home

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Bridgeport, Ct.

gallery least affordable housing bridgeport
  • Median home price: $402,000
  • Median income: $87,100
  • % of homes that are affordable: 44.2%

Drivers on Interstate 95 traveling through Bridgeport might be shocked to learn that the city is one of the least affordable housing markets in the nation. Old factories and warehouses sit idle and many neighborhoods have seen better days.

Indeed, home prices are inexpensive within city limits -- you can pay less than $140,000 for a three bedroom, two-bath Cape Cod, for example. But Bridgeport lies within a metro area that also includes Greenwich, Westport and other wealthy enclaves.

Those locales are filled with posh homes occupied by corporate brass, hedge fund managers and professional athletes, all of which have helped to raise the area's home prices beyond the reach of many families.

Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
*The percentage of new and existing homes sold in that metro area that families earning the area's median income can afford based on standard mortgage underwriting criteria.
  @CNNMoney - Last updated November 29 2012 02:02 PM ET

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