Fourth-best city: Princeton, N.J. 
Difference between rent and mortgage: 209.8%

Rents in the home of 7,900-student Princeton University average $2,056 a month -- more than double the $980 monthly mortgage bill on a typical home in the area.

Besides hosting a world-famous school, Princeton serves as headquarters for Berlitz, the Educational Testing Service and other large local employers. Bristol-Myers Squibb ( BMY), Dow Jones and other big firms also have significant operations in the area.

Additionally, the 60,000-population community is just 10 miles from the New Jersey state capital of Trenton, as well as roughly 45 miles from Philadelphia and New York City.

All of this has given Princeton a relatively stable housing market. Median asking prices on rose 0.03% for the Princeton/Trenton metro area in the 12 months ended July 31, to reach $265,000.

If you liked this article you might like

Nucor Is a 'Pounding-the-Table' Buy Here, Jim Cramer Says

GE Is 'One of the Toughest Stocks I've Ever Had to Deal With,' Jim Cramer Says

Buying Nvidia Now Is Like Getting Intel Way Back in 1993, Jim Cramer Says

If You Buy Just One Tech Stock, Make It This Apple Supplier, Jim Cramer Says

Make Gary Cohn the Next Federal Reserve Chair, Jim Cramer Says