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10 least affordable cities to buy a home

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can't afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Santa Ana, Calif

gallery least affordable housing santa ana
  • Median home price: $440,000
  • Median income: $85,300
  • % of homes that are affordable: 43.5%

The Santa Ana metro area, which encompasses much of Orange County, is home to Disneyland, over a dozen beach communities and some of the most expensive housing in the United States.

Homes in the attractive suburbs here tend to be large and luxurious and can set even high-income earners back financially. Even with a median income of $85,300, lofty home prices make it tough to pay area mortgages.

Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
*The percentage of new and existing homes sold in that metro area that families earning the area's median income can afford based on standard mortgage underwriting criteria.
  @CNNMoney - Last updated November 29 2012 02:02 PM ET

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