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24/7 Wall St.: Cities Where Homes Cost Less Than a Car

5. Warren, Mich.

Median listing price: $49,900
Comparably priced car: Lincoln Navigator ($59,900)
Housing price change (year over year): 6.5%
Median household income: $46,247
Unemployment: 9.9%

Chief among several promising housing trends for Warren is a surprisingly low homeowner vacancy rate, which suggests that the town has seen fewer foreclosures than many other cities in Michigan. Still, sales prices have dropped 35% over the past five years in Warren, says Trulia, which suggests that quite a few homeowners are underwater and perhaps holding onto their properties until things turn around.

(AP Photo/Carlos Osorio)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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