Different people have different notions of what cheap means and buying isn't an option for everybody. Many renters are now losing jobs and banks are raising standards for mortgages.

But renters should always evaluate the decision of whether to rent or to own.... Here is a list of American's Cheapest Homeownership Markets...

Some summary information from the link noted above...

1. Detroit Metro (Mich.)
Own/rent ratio: 94%
Annual cost to own: $8,519
Annual cost to rent: $9,072

Detroit is best known as the home of the Big Three automakers: General Motors, Ford, and Chrysler. The city has been hard-hit by the recession because of its dependence on the struggling auto industry. Detroit was the 11th largest metropolitan area as of 2007, with a population of nearly 4.5 million. It had and unemployment rate of 17.1% in June, the worst of any metropolitan area with a population over one million.

2. Pittsburgh Metro (Penn.)
Own/rent ratio: 97%
Annual cost to own: $8,947
Annual cost to rent: $9,252

The Pittsburgh area, located on the west side of the state, has a population of about 2.3 million. This former steel town now has large employment in the education and health-care industries. Heinz and United States Steel have headquarters there. The area has escaped the worst of the recession and had a 7.7% unemployment rate in June.

3. Rochester Metro (N.Y.)
Own/rent ratio: 113%
Annual cost to own: $9,523
Annual cost to rent: $8,448

Located near Lake Ontario, the Rochester metropolitan area has a population of more than 1 million. Rochester is home to Eastman Kodak and the University of Rochester. The Rochester unemployment rate was 8.4% in June, not seasonally adjusted. In the first half of this year, one in every 276 houses received a foreclosure notice in the Rochester area, according to RealtyTrac.

4. Memphis Metro (Tenn.-Miss.-Ark.)
Own/rent ratio: 114%
Annual cost to own: $8,593
Annual cost to rent: $7,524

Memphis is located on the Mississippi River and the metropolitan area has a population of more than 1.2 million. The city is known as the birthplace of rock and roll. Elvis' estate, Graceland, is in the area. FedEx, AutoZone and International Paper are headquartered there. The Memphis area ranked 43rd in the nation in foreclosure notices in the first half of 2009 according to RealtyTrac.

5. Tampa Metro (Fla.)
Own/rent ratio: 115%
Annual cost to own: $10,823
Annual cost to rent: $9,444

South Florida is has been hit hard by the recession, and home prices in Tampa have taken a dive. The metro was the country's 19th-largest in 2007, with a population of more than 2.7 million. OSI Restaurant Partners and WellCare Health Plans are headquartered there. The Tampa Bay area also relies on the tourism industry.

6. Cleveland Metro (Tenn.)
Own/rent ratio: 119%
Annual cost to own: $9,934
Annual cost to rent: $8,364

Cleveland, Tenn., is located in the southeast corner of Tennessee, near Chattanooga. Major employers include Johnston Coca-Cola Bottling, Whirlpool, and Rubbermaid. With a population of approximately 112,000, the Cleveland area is among the smallest on this list.

7. Dayton Metro (Ohio)
Own/rent ratio: 119%
Annual cost to own: $8,420
Annual cost to rent: $7,056

Home prices and employment in Dayton have both taken a hit in the recession. The unemployment rate in the area was 12.1% in June. The Wright-Patterson Air Force Base is a large employer in the area.

8. Columbia Metro (S.C.)
Own/rent ratio: 123%
Annual cost to own: $9,885
Annual cost to rent: $8,016

Columbia is the state capital and home to the University of South Carolina. The metropolitan area had about 700,000 people as of 2007. The city's large employers are the state government and University of South Carolina, two industries that are more recession-proof than others, and so it has been spared from the worst of the crisis. However, the unemployment rate still reached 10% in June (not seasonally adjusted).

9. Orlando Metro (Fla.)
Own/rent ratio: 124%
Annual cost to own: $12,107
Annual cost to rent: $9,756

The Orlando metro area, in central Florida, has a population of more than 2 million. Orlando's economy relies heavily on tourism from Walt Disney World, Universal Studios, and SeaWorld amusement parks. The metro area ranked 10th in foreclosure notices in the first half of 2009, according to RealtyTrac. It had an unemployment rate of 10.8% in June, not seasonally adjusted.

10. Dallas-Fort Worth Metro (Texas)
Own/rent ratio: 124%
Annual cost to own: $11,037
Annual cost to rent: $8,880

Home sales in the Dallas-Fort Worth area were flat in the second quarter of 2009 after several declines, according to the National Association of Realtors. Mortgage rates are low, making this a good time for home buyers. The Dallas-Forth Worth region was the fourth-largest metropolitan area in 2007 and the largest city on this list. It had a June unemployment rate of 8.2%. American Airlines and ExxonMobil are headquartered in the area.

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If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.

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If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days: