The Most & Least Affordable Markets

Over at CNN/Money, they’ve put together a nice slideshow of the most and least affordable markets to buy a house. Here’s what they’ve come up with.

Most Affordable

1. Indianapolis
2. Detroit
3. Dayton, Ohio
4. Youngstown, Ohio
5. Akron, Ohio

Least Affordable

1. New York City
2. San Francisco
3. Honolulu
4. Santa Ana, California
5. Los Angeles

Typically, housing “affordability” is a calculated ratio using median income levels, median home prices and mortgage rates. Unemployment, certainly plays a part in housing affordability, as well. (Here’s how (PDF) the NAR calculates their Housing Affordability Index, for example.)

Most (and least) affordable cities to buy a house [CNN/Money]