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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.

.  Indianapolis

gallery affordable housing markets indianapolis
  • Median home price: $119,000
  • Median income: $62,600
  • % of homes sold that are "affordable"*: 92.6%

The capital of Indiana is an important auto industry supplier, with transmissions, starters, gaskets and other parts still manufactured here.

As the auto industry has revived, so has the local economy. The city also has benefited from having diverse industries: Pharmaceutical makers (Eli Lilly), financial services firms (Conseco), the state government, and communications companies (Brightpoint) are all major employers. And the job market is improving: Unemployment fell in September to 6.4%, 1.5 percentage points below the national rate of 7.9%.

That's great news for job seekers, but home buyers may not be quite as happy. A few years ago, Indianapolis regularly led the affordability index; it's since slipped a couple notches. Still, Indianapolis is the largest metro area of the 10 most affordable cities.

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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