Time to buy: The most affordable housing markets - Bottom Line: "3. Rockford, Illinois
Home price as percent of family income: 132 percent
Median home price: $80,000 (fifth lowest)
Median family income: $60,000 (76th lowest)
Unemployment: 11.6 percent (17th highest)
For decades, Rockford’s economy has relied primarily on a strong manufacturing base, but in recent years it has struggled with high unemployment due to the manufacturing industry’s decline. Rockford’s unemployment rate of 11.6 percent is the highest of all metro areas on this list and the 17th highest of all metro areas surveyed. This, along with a median family income below the U.S. median income, has led to cheaper home prices. The high unemployment rate could depress the housing market for some time. Median home prices are only expected to rise by 2.4 percent in 2013, less than the 5.0 percent price increase expected nationally. However, between 2012 and 2017, home prices are expected to grow at an annualized rate of 4.2 percent, besting the U.S. rate of 3.9 percent."
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