The 10 best cities for home buyers

You better believe it -- the real estate market is back. It's time to buy again, and here are the 10 cities with the most affordable homes, according to a new report from Deutsche Bank.

1 of 10
Rent as % of after tax mortgage payment: 151.2%
Median home price change, 2006-2010: -33.2%

Many of the cities on this list now have the most affordable housing simply because their real estate crashes were so much more pronounced than elsewhere in the nation. The farther the prices fall, the sooner it inevitably becomes more affordable to buy than rent.

Atlanta is no exception. It tops the list with average monthly rent of about 50% more than the average after-tax mortgage payment. The metropolitan area had the dubious distinction of leading the nation in home construction during most of the decade before the bubble burst. Despite the fact that it now has the most affordable homes in the nation, however, prices continue to slide in Atlanta -- down nearly 14% year-over-year in February. When will those Atlanta renters recognize the clearance sale going on all around them?

(Deutsche Bank's study measures affordability in two ways: the share of income that Americans are paying to own a home, and the cost of owning vs. renting.)

NEXT: Orlando
Last updated March 29 2011: 9:31 AM ET
Housing bear David Rosenberg says that apartment REITs should continue their streak for the foreseeable future. More
From energy savings to college costs, Americans are getting a lot of breaks from Uncle Sam during this tax season. But get them while they last -- the good times are about to end. More
Houses look more affordable than ever. But prices will have to fall further before many Americans can actually afford to buy one. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.