5 least affordable housing markets (and most affordable ones, too)

Rank: #3 most affordable
Median home price: $85,000
Median income: $53,900
% of homes sold that are affordable*: 89.3%

A remnant of the industrial age, Youngstown, Ohio is one of the nation's fastest shrinking cities. Since 1950, it has lost more than 60% of its population.

Finding a home here is not a problem -- bargains are everywhere: Four-bedroom homes can cost $65,000 or less and vintage mansions can be had for under $200,000. And any developer who wants to build a new home can easily acquire cheap land right in town.

But whether buyers want to move to Youngstown is another question: The city is suffering from years of obsolescence and neglect. In an effort to attract new employers, the city is teaming up with Youngstown State University to fund and support businesses.

First published November 14, 2013: 11:31 AM ET

Source: Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
*The Housing Opportunity Index is the percentage of new and existing homes sold that families earning the area's median income could afford during the third quarter ended September 30, 2013. Prices of new and existing homes are based on figures from CoreLogic and mortgage data is based on rates reported by the Federal Housing Financing Agency.

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