The housing crash of 2008 wiped out a lot of equity for existing homeowners, but for those looking to buy, it proved to be a great opportunity in many cases. Of course, real estate is a very regional phenomenon, and in some cases, there were greater opportunities available than in others.

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But here's a look at how much equity you could have now if you bought a $200,000 home during the 2008 crash in various cities across America. Also, find out where you can buy a house for less than $200,000 today.

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Just like with the stock market, when the housing market crashes, it's often a good time to jump in. As the above data shows, however, location has a major effect on both absolute prices and potential for gain. While you would have profited handsomely with a $200,000 investment in any of the above cities in 2008, some markets did much better over the last 16-plus years than others.

Even within cities, there are regions that performed much better or worse than average. Nevertheless, the data above, while using a broad brush, supports the contention that buying real estate during a downturn can often return a nice profit.