Most, least affordable U.S. housing

When we ran the 2008 version of the Most and Least Affordable Housing Markets in the U.S., the housing downturn was already well under way but the economy had yet to be rocked by the financial meltdown brought on by the collapse of Lehman Brothers. Since then housing continued to decline as foreclosures rose and unemployment deepened. Not surprisingly, the industrial heartland of America, much of it largely dependent on the struggling automotive sector, has been hardest hit. That explains why states such as Indiana, Michigan, and Ohio are home to the nation's most affordable housing markets. The winner? Kokomo, Ind. The nation's least affordable? No surprise there: the area around New York City.