5 least affordable housing markets (and most affordable ones, too)

Looking to buy a home? Here are five housing markets where the average buyer can't easily afford to buy a home -- and five markets where they can, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Los Angeles

most least expensive los angeles california
  • Rank: #2 least affordable
  • Median home price: $425,000
  • Median income: $61,900
  • % of homes sold that are affordable*: 21.1%

After getting hit hard during the housing bust, home prices in Los Angeles have come roaring back -- and that has made it that much more difficult for area residents to afford to buy, according to NAHB.

But a lot depends on where you live. Stratospheric prices are the rule near the beaches but east of downtown, values more closely resemble those of the cheaper "Inland Empire" cities of Riverside and San Bernardino, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.

And with workers seeking to avoid LA's traffic-clogged commutes, more homebuyers are willing to pay a premium to live closer to work, said Appleton.

Source: Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index
*The Housing Opportunity Index is the percentage of new and existing homes sold that families earning the area's median income could afford during the third quarter ended September 30, 2013. Prices of new and existing homes are based on figures from CoreLogic and mortgage data is based on rates reported by the Federal Housing Financing Agency.
  @CNNMoney - Last updated November 14 2013 11:31 AM ET
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