The housing market, which began its decline in 2006 and brought the U.S. economy down with it, may finally be rebounding.

According to the National Association of Realtors, home sales rose 10 percent in April over last year. By year's end, year-over-year sales could be up 13 percent, the report stated.

As the market improves and mortgage rates remain at record low levels, home ownership may be a more realistic dream for many.

An American household earning the national median income of $65,000 could afford to buy 77.5 percent of homes sold on the market during the first quarter of this year, up from 75.9 percent since last quarter, according to the recently released Housing Opportunity Index by the National Association of Home Builders and Wells Fargo. The index compares home prices and mortgage rates with an area's median household income.

Despite data suggesting that homeownership is becoming more affordable, some local markets remain out of reach for many. Here are the least affordable home markets, according to the NAHB and Wells Fargo Housing Opportunity Index:

Loading Slideshow...
  • 10. San Jose-Sunnyvale-Santa Clara, California

    Median Income = $105,000 <br> Median Home Price = $420,000

  • 9. San Luis Obispo-Paso Robles, California

    Median Income = $75,400 <br> Median Home Price = $315,000

  • 8. Bridgeport-Stamford-Norwalk, Connecticut

    Median Income = $87,100 <br> Median Home Price = $305,000

  • 7. Santa Cruz-Watsonville, California

    Median Income = $87,000 <br> Median Home Price = $365,000

  • 6. Santa Ana-Anaheim-Irvine, California

    Median Income = $85,300 <br> Median Home Price = $384,000

  • 5. Los Angeles-Long Beach-Glendale, California

    Median Income = $64,800 <br> Median Home Price = $295,000

  • 4. Honolulu, Hawaii

    Median Income = $82,700 <br> Median Home Price = $409,000

  • 3. Ocean City, New Jersey

    Median Income = $71,100 <br> Median Home Price = $345,000

  • 2. San Francisco-San Mateo-Redwood City, California

    Median Income = $102,900 <br> Median Home Price = $549,000

  • 1. New York-White Plains-Wayne, New York-New Jersey

    Median Income = $68,200 <br> Median Home Price = $400,000