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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.

.  Dayton, Ohio

gallery affordable housing markets dayton
  • Median home price: $105,000
  • Median income: $63,300
  • % of homes sold that are "affordable"*: 88.7%

The changing industrial economy has deprived Dayton of some of its once-powerful job creators. Key employers either faded away or relocated, like the old National Cash Register, now NCR, which moved to Georgia in 2009. But companies in a number of modern industries -- specializing in aerospace and health care -- have taken up the slack. At 6.9%, the area's unemployment rate is well below the national average.

Meanwhile, population in the metro area is growing again after years of shrinking -- the city lost more than 10% of its residents between 2000 and 2010, according to the Census Bureau.

All that outmigration kept demand -- and prices -- for homes low. Last quarter, though, prices rose 14%, sending Dayton's affordability rankings down a few notches.

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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