Which cities have the cheapest house prices?

From chapter 9, we know that in the long run a mobile asset has to be indifferent to where it is used, otherwise it will move.  This long-run indifference principle means that in the long run, you should be indifferent about where to live and whether to own or rent.  In particular, the price-to-rent ratios should reflect this "indifference," and be  similar across cities.  However, this is is certainly not the case.  Here are the most expensive cities:

City	Price-to-Rent Ratio	Home Price (for a $1,000 Rental)
San Francisco, California	50.11	$601,362
Oakland, California	41.05	$492,611
Honolulu, Hawaii	39.50	$474,014
Los Angeles, California	38.59	$463,135
New York, New York	36.83	$441,987
Long Beach, California	36.37	$436,385
Seattle, Washington	36.07	$432,862
San Jose, California	33.77	$405,263
Washington, D.C.	33.76	$405,070

and the cheapest ones:

Indianapolis, Indiana	13.18	$158,161
El Paso, Texas	12.79	$153,486
Lubbock, Texas	12.78	$153,333
Baltimore, Maryland	12.43	$149,179
Milwaukee, Wisconsin	12.43	$149,146
Corpus Christi, Texas	12.14	$145,670
Pittsburgh, Pennsylvania	11.14	$133,622
Buffalo, New York	10.66	$127,862
Toledo, Ohio	9.68	$116,148
Memphis, Tennessee	9.53	$114,368
Cleveland, Ohio	8.31	$99,716
Detroit, Michigan	5.35	$64,194

NOTE:  this is not the "owner equivalent rent" which includes the opportunity cost of owning, it is a much simpler calculation than that,

median home value ÷ median annual rent = price-to-rent ratio