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Rent as % of after tax mortgage payment: 122.0%
Median home price change, 2006-2010: 23.8%

Like Rochester, Buffalo has a far higher portion of affordable homes than most other U.S. markets at the moment. The city is also experiencing low foreclosures and a strong local job market.

The Buffalo News recently cited an Inman News report that ranks the Buffalo-Niagara region as one of the 10 "real estate markets to watch" in 2011, and added that foreclosures fell 43.5% in 2010 and are now among the lowest in the nation.

NEXT: Memphis
Last updated March 29 2011: 9:31 AM ET
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