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Where homebuying is most (and least) affordable

Looking for an affordable home? Here are 5 cities that are good bets, and 5 cities where owning is tough.

Least affordable: Bridgeport, Conn.

least affordable bridgeport ct
  • Median home price: $395,000
  • Median income: $87,100
  • Affordability score: 43.3%

Bridgeport itself is a struggling industrial town on the Long Island Sound, but Greenwich and Stamford, which are in the same metro area, bring a lot of well-paid workers into the statistical mix.

The housing inventory is very mixed, from estates worth many millions to inexpensive, inner city row houses.

The median home price is high at nearly $400,000, and the high median income of $87,100 only partially offsets that.

Source: Data is from the National Association of Home Builders and Wells Fargo Bank

The affordability score is the percentage of homes sold in a metro area that a family earning the median income can afford to buy. Index scores are calculated based on income and home price data, as well as current mortgage interest rates.

  @CNNMoney - Last updated August 15 2012 05:25 AM ET

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