Syracuse, Indianapolis among most affordable housing markets

Choosing an affordable community is one of the most important aspects of relocation. CNNMoney says that many communities in the Midwest and Northeast have very reasonable housing markets, while some California areas rank among the nation's worst.

In its top spot, the news provider ranked Syracuse, New York, where more than 97 percent of all homes sold in the last three months fall within reach of people making the area's median income. The average home price in Syracuse over the past few months was $88,000.

In taking the top spot, Syracuse displaced Indianapolis, which had been ranked as the most affordable housing market for each of the last five years. Detroit, Youngstown, Ohio and Buffalo, New York, also finished in the source's top five.

The least affordable city in the country, to little surprise, was New York City. Less than 20 percent of homes sold are within affordable reach for those making the city's median income of $66,000. Three California cities - San Francisco, Santa Ana and Los Angeles - joined Honolulu, Hawaii, at the bottom.

Rising home prices in California have also continued to outpace the rest of the country. A recent report by MDA DataQuick found that home prices in the state rose by 6.2 percent in July compared with last year.

More News