10 Most (and Least) Affordable Housing Markets

The National Association of Home Builders and Wells Fargo recently released a joint report ranking the nation's most—and least—affordable housing markets in the second quarter of 2008.

Here's what they found:

Areas with population of 500,000 or more in 2007

10 Most Affordable Metro Areas

1. Indianapolis-Carmel, IN
2. Youngstown-Warren-Boardman, OH-PA
3. Detroit-Livonia-Dearborn, MI ^^^
4. Warren-Troy-Farmington Hills, MI ^^^
5. Grand Rapids-Wyoming, MI
6. Toledo, OH
7. Dayton, OH
8. Akron, OH
9. Syracuse, NY
10. Scranton—Wilkes-Barre, PA

10 Least Affordable Metro Areas

1. New York-White Plains-Wayne, NY-NJ ^^^
2. San Francisco-San Mateo-Redwood City, CA ^^^
3. Los Angeles-Long Beach-Glendale, CA ^^^
4. Miami-Miami Beach-Kendall, FL ^^^
5. Nassau-Suffolk, NY ^^^
6. Santa Ana-Anaheim-Irvine, CA ^^^
7. Newark-Union, NJ-PA ^^^
8. San Jose-Sunnyvale-Santa Clara, CA
9. Oxnard-Thousand Oaks-Ventura, CA
10. Seattle-Bellevue-Everett, WA ^^^

Areas with population under 500,000 in 2007

10 Most Affordable Metro Areas

1. Canton-Massillon, OH
2. Springfield, OH
3. Bay City, MI
4. Lansing-East Lansing, MI
5. Lima, OH
6. Davenport-Moline-Rock Island, IA-IL
7. Battle Creek, MI
8. Monroe, MI
9. Cumberland, MD-WV
10. Saginaw-Saginaw Township North, MI

10 Least Affordable Metro Areas

1. San Luis Obispo-Paso Robles, CA
2. Ocean City, NJ
3. Napa, CA
4. Santa Cruz-Watsonville, CA
5. Salinas, CA
6. Bend, OR
7. Atlantic City-Hammonton, NJ
8. Medford, OR
9. Santa Rosa-Petaluma, CA
10. Santa Barbara-Santa Maria-Goleta, CA

Sales Transaction Data: First American Real Estate Solution
Interest Rates: Federal Housing Finance Board
Median Household Income: Housing & Urban Development Department (HUD)
Property Taxes & Insurance: Bureau of the Census
Population: Bureau of the Census
^^^ Indicate Metropolitan Divisions. All others are Metropolitan Statistical Areas.

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