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U.S. News and World Report worked with Moody's Economy.com to get average and quarterly price-to-income data for each of the nation's 384 distinct metropolitan statistical areas. By comparing the most recent figures with longer-term averages, the list was compiled.

According to the research, median home prices had reached 2.77 times median household incomes, higher than the 1.92 average of the 15 years ending in 2003. By the third quarter of 2009, the price-to-income ratio had fallen below its 15-year average, to 1.84 for the nation as a whole.

Cincinnati ranked #10 on the list, as the research showed the area's price-to-income ratio increased from 2006 to third quarter 2009 and is most recently at 1.41, slightly below the 1.46 average ration of the 15 years before 2003.

"Home prices in Cincinnati have remained relatively affordable throughout the nation's recent boom-and-bust cycle," according the article. "Although home price declines have moderated in recent months, Moody's Economy.com believes further drops may be in store as additional houses go into foreclosure."

Experts say home prices in Cincinnati are expected to bottom out this year before creeping higher.

Rebecca McDaniel and her partner, Pam, are selling their home in Maineville for below the price they paid for it.

"It's worth 600,000, we bought for 500,000 and selling for 400,000," said McDaniel.

Realtor Mark Sweeney with Comey and Shephard says Cincinnati's housing prices are taking a hit like every other market but there's a better value here.

"We've got everything from old to new, urban suburban, great selection for a buyer," said Sweeney.

Memphis ranked first on the list, followed by Salinas, Calif.; Medford, Ore.; Washington; Mobile, Ala; Las Cruces, N.M.; Fayetteville, N.C.; Phoenix; and Fort Worth/Arlington, Texas.