12 cheap housing markets where purchasing power is the worst

Housing markets with low prices aren't always the most affordable cities for first-time home buyers and existing homeowners. That's because income levels and mortgage rates can weaken home purchasing power in even the cheapest markets.

Here's a look at 12 cities where the median home sales price is at or below $200,000, but other market factors put a damper on purchasing power.

The data, from the First American Real House Price Index, measures home price changes, taking local wages and mortgage rates into account "to better reflect consumers' purchasing power and capture the true cost of housing." The May 2017 data is ranked by RHPI value, where a reading of 100 is equal to conditions in January 2000.

Median Sales Price: $146,500
Real Home Price Index: 58.74
Year-Over-Year RHPI Change: 5.20%

Median Sales Price: $145,000
Real Home Price Index: 63.94
Year-Over-Year RHPI Change: 9.20%