Rania Habchi

You better believe it — the real estate market is back. It’s time to buy again, and here are the 6 cities with the most affordable homes, according to a new report from Deutsche Bank.

1. Atlanta, GA

Rent as % of after tax mortgage payment: 151.2% Median home price change, 2006-2010: -33.2%

In Atlanta, the average monthly rent is about 50 percent more than the average after-tax mortgage payment. Plus, home prices in Atlanta have dropped nearly 14 percent yearover-year in February, creating a great opportunity for buyers to cash in

2. Orlando, FL

Rent as % of after tax mortgage payment: 137.2% Median home price change, 2006-2010: -51.3%

Orlando saw a larger drop in home prices during the past year than any of Florida’s other metro areas, according to a Florida REALTORS® report cited by the Orlando Sentinel.

3. Rochester, NY

Rent as % of after tax mortgage payment: 136.0% Median home price change, 2006-2010: 3.6%

While housing prices in Rochester–the second-largest economy in the state–inched up slightly between 2006 and 2010, the city still favors home ownership over renting.

4. Cleveland

Rent as % of after tax mortgage payment: 132.6% Median home price change, 2006-2010: -14.8%

It costs about 24 percent less to buy a home in Cleveland than it does to rent.

5. Tampa – St. Petersburg

Rent as % of after tax mortgage payment: 131.6% Median home price change, 2006-2010: -41.4%

Tampa-St. Petersburg was one of the most overbuilt states during the housing boom and it ranks ninth in the country for foreclosures. But it’s still an attractive spot for retirees, and with dropping home prices it’s now more affordable to own than rent here.

6. LAS VEGAS

Rent as % of after tax mortgage payment: 125.1% Median home price change, 2006-2010: -56.5%

Empty homes and condos blanket Las Vegas, but a comeback is in sight. More than half of sales in Las Vegas are from cash buyers, signaling investors have re-emerged. A strong rental market also means renting out properties still offer a good return.