During the housing bubble, many people bought up houses at ridiculously low prices. They would then turn around and sell these homes for much more than they originally paid. Once the bubble burst, people that had bought up these homes were stuck with them. No one wanted to buy a home in a time where their prices were steadily declining. On top of all of this, many banks had loaned to these “bubble-buyers”, and once the bubble was gone, the buyers were unable to pay back their loans. Because of this, many banks are hesitant to loan to prospective home buyers in these tough times.

For those of you that are still in the market to buy a home, it is possible to get amazing deals as long as you look hard enough and do the right research. Most people think the best type of home to buy is a foreclosure property, but this is a common misconception. Many buyers came in to new developments and bought up the new homes, and then could not find a tenant. Because of this, there are many brand new homes sitting empty, ready to be moved in to for low prices.

Research New Homes First
Because many of these homes have been sitting for a long period of time, their owners are desperate to unload them quickly. This means that their price could be the same or less than many of the foreclosed houses on the market.

Find Long-Time Listed Homes
If a home has been on the market for a long period of time, usually more than 90 days, their owner will probably be more likely to make a deal on the property. If this is the case, bid lower than is originally listed.

Look Into New Developments
Certain places have new developments sprouting up everywhere. Many of these developments had been in the works for a long time, way before the bubble burst. Now that the homes are built, they need people to move in. Some of these places may still be unreasonable, but if you look hard enough you may find a great deal.

While these economic times can be scary, if you use them to your advantage, you could find a great deal on a new place to live. Be careful, do research, and be smart about anything you sign.

New Homes: A Better Deal than Foreclosures? was created by and is property of American Consumer News.

Forbes used three different metrics to determine what they believe are the best cities in the nation to live in. They used the National Association of Home Builder’s “Housing Opportunity Index” which determines how affordable homes are to a typical income earner. They also factored in a cost of living index which was developed by the Council on Community and Economic Resaerch and finally factored in “Sperling’s Best Places” that identifies arts and entertainment options. Sperling’s list looked at music venues, museums, sports teams and the like.

The city that came out on top was Minneapolis, MN. Forbes stated that one of the main reasons was that 61% of the homes sold were affordable to a median incom earner. They also highlighted the cities cultural institutions such as the Guthrie theater. After Minneapolis, Indianapolis, Cincinnati, St. Lious, Milwaukee, Pittsburgh, Columbus, House, Dallas, and Atlanta made the list. Interestingly enough, 7 out of the 10 cities on the list wre located in the Midwest. The one thing common amongst all these cities was that housing was relatively affordable to a typical income earner.

In the end, this data probably won’t do much for us in an individual level unless we are considering moving in the near future, but it’s still interesting to look at. If you’re considering moving to new area of the country, it’s always a good idea to ensure that the location will be affordable to live in and has a relatively decent entertainment scene to make use of.

You can view the full results of the study at Forbes.com

The Most Affordable Places to Live (And Still Have a Great Lifestyle) was created by and is property of American Consumer News.