If nosebleed home prices kept you from jumping on the housing bandwagon a few years ago, go ahead and gloat. Home prices throughout the country are now certifiably affordable. Just how affordable? To get a pulse on affordability, Cyberhomes analyzed roughly 7,000 ZIP codes around the country.

First we calculated how much buyers earning the median income for the ZIP could afford to spend on a home — assuming a 20 percent down payment, 5 percent rate on a 30-year mortgage and a house payment of no more than one third of monthly income. We then compared that figure with 2009 median home sale prices for that ZIP. In ZIPs where the affordable home price is equal to the actual median sales price the affordability index is 100. Anything over 100 is affordable. Anything under 100, not so much.

By that measure, nearly 90 percent of the 7,000 ZIPs we analyzed scored 100 or higher on our affordability. Nationally, our affordability index averaged 193, meaning that buyers earning a median income could afford nearly twice as much as the median-priced house. Even California — once considered the least affordable state in the nation — managed to pull out 125. “This is probably about double what it was a few years ago,” says Michael Sklarz, senior economist for Cyberhomes.

Of course, affordability isn’t the only thing first-time buyers care about. Employment prospects, local school quality and lifestyle are just a few of the factors first-time buyers need to take into account. Fortunately, with home prices down in most ZIPS, rookie buyers can afford to be choosy.

The six ZIPs shown here are examples of neighborhoods where, based on our measures, first-time buyers will feel right at home.

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First-Time Buyers Home

First-Time Buyers Timeline: Step 1, Step 2, Step 3, Step 4, Step 5, Step 6