Like Youngstown, Buffalo has seen its population shrink significantly over the years as the city's heavy industries collapsed

With little competition, home prices here are extremely affordable. In fact, buying a home here can often be cheaper than renting, according to John Leonardi, of the Buffalo Association of Realtors.

A four-bedroom, two-bath in town can cost less than $50,000. "You get a tremendous amount of home for the dollar spent," he said.