With historic low prices, in years to come many Americans will look back on 2009 as the year they should have bought a new house

Buying a house in the U.S. hasn’t been this affordable in a generation. Not only have housing prices plunged from Miami to Los Angeles, but interest rates are near historic lows. And for first-time buyers who act fast, Uncle Sam will kick in $8,000 toward the purchase.

Interestingly, the most affordable and least affordable housing markets haven’t changed much since the housing market was booming a few years ago. Last year, the most affordable housing markets were dominated by cities in Indiana, Ohio, and Michigan, and the same is true this year as well. Midwestern home buyers get the best bang for their buck. And most homes sold in pricey East and West Coast metros remain unaffordable for average earners.

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