To create its list, the real-estate portal looked at housing prices compared with local incomes, home value trends, unemployment rates and whether buying makes more sense than renting.
The top city in Zillow's Best Places to Buy in 2012 was Grand Rapids, Mich., where home values have risen 4.8% since last spring and unemployment has fallen. The median home value in Grand Rapids is $108,000, making homes affordable on the city's median income.
The next two cities were Phoenix, where Zillow predicts home values will rise 6.5% this year, and Pittsburgh. "Phoenix is probably the best example of a hard-hit market that is showing signs of recovery," says Stan Humphries, Zillow’s chief economist.
The other cities identified as the best places to buy in 2012 were:
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