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Forbes recently ranked US cities based on current market prices as compared to what Local Market Monitor deemed an “Equilibrium Price:”

“choices were ranked primarily on four factors: population, home prices, and the local jobs economy. Each of our Best Buy Cities have high population and job growth, relatively low home prices, and are still considered under-valued…

“The key to coming up with this list is a proprietary measure that Local Market Monitor dubs the “Equilibrium Home Price.” Basically, it tracks what the average price for a market should be, if speculation, weird distortions in local income, and other factors (like the housing collapse) weren’t present in the market. The measure presumes that prices will eventually return to this level. When homes are far under the equilibrium price, investors are getting a good buy and can expect to make a good return. The other important consideration for investors is, of course, a healthy local economy. After all, there is zero point in purchasing a home in a market where the population is fleeing. That’s why Best Buy Cities are places where opportunities are growing.