Fourth-least-affordable U.S. city: Miami

The U.S. housing bust has left Miami's median home prices at a below-average $206,700, but the typical family there also makes a below-average $45,407 income. That trails only Tampa as the nation's lowest median income for any major city.

"Miami's property values have fallen, but they haven't fallen enough to offset the fact there are a lot of 'low-middle-income' households in town," Sante says.

Miami also has above-average median property taxes ($2,600) and homeowners' insurance ($1,460 a year, due to high hurricane risks).

All told, found that Miami households make a median income that's 12.6% below what they'd need to get a mortgage for median-priced local there.

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