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Rising home prices and mortgage rates mean homebuyers are paying more and getting less this house hunting season. And with tighter available inventory, finding a great deal on a home is proving more difficult.

But the combination of home prices and local wages is making some markets more attractive than others. Here's a look at the 12 cities where homebuyers are getting the most bang for their buck.

The data, from the First American Real House Price Index, measures home price changes, taking local income data and mortgage rates into account "to better reflect consumers' purchasing power and capture the true cost of housing." Index values are for the month of April and are set to equal 100 in January 2000.


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