The recent slowdown in the housing market has been a boon for buyers. Since last summer, more properties have come onto the market; mortgage interest rates have dropped; and the rate of home price appreciation, once in the double digits, is waning. But that still doesn't help the many would-be buyers on a tight budget.

Affordability is still the biggest hurdle to homeownership, with nearly half of aspiring buyers looking for residences costing $200,000 or less, according to a recent realtor.com® survey. That may be wishful thinking-the national median home price was about a third more, at $295,000 as of March 1. And home prices are still up 7% year over year.

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