Top 5 Cities With the Worst Housing Market Outlook (3 Are in Pacific Northwest)
House hunters haven’t had much to cheer about the last few years, with record home values and tight inventory pricing many out of the market. That dynamic has begun to change in 2025 amid a general increase in the number of homes for sale.
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But there are still pockets of the country where finding a home remains a challenge — especially in the Pacific Northwest. In fact, that region is home to three of the five U.S. cities with the worst housing market outlook, according to a new analysis from LendingTree. LendingTree based its rankings on four key metrics: vacancy rates, housing unit approvals per 1,000 housing units, home value-to-income ratio, and annual changes in home value-to-income ratio.
Low vacancy rates indicate there aren’t many unoccupied homes in a particular city. This is usually a sign of heavy demand, stiff competition — and high prices. Similarly, a high home value-to-income ratio is a sign that homes are comparatively expensive. For example, a ratio of 5.0 means median home values are five times more than the median income. A ratio of 2.0 means values are only twice the median income.
Here’s a look at the five cities with the worst housing outlooks, per LendingTree:
Portland, Oregon
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Vacancy rate: 4.76%
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Housing unit approvals per 1,000: 8.69
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Home value-to-income ratio: 5.57
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Change in ratio, 2022-23: 3.87%
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Boise, Idaho
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Vacancy rate: 4.56%
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Housing unit approvals per 1,000: 29.37
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Home value-to-income ratio: 5.25
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Change in ratio, 2022-23: 7.12%
Bridgeport, Connecticut
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Vacancy rate: 6.70%
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Housing unit approvals per 1,000: 5.33
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Home value-to-income ratio: 4.75
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Change in ratio, 2022-23: 3.98%
Spokane, Washington
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Vacancy rate: 6.33%
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Housing unit approvals per 1,000: 15.75
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Home value-to-income ratio: 5.02
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Change in ratio, 2022-23: 7.17%
Salt Lake City, Utah
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Vacancy rate: 5.31%
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Housing unit approvals per 1,000: 12.57
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Home value-to-income ratio: 5.03
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Change in ratio, 2022-23: 4.58%
The main problem house hunters face in these cities is that there simply aren’t enough homes available to buy, according to Matt Schulz, LendingTree’s chief consumer finance analyst and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.”
“The vacancy rates in Portland and Boise are less than half of those in many other big metros,” Schulz said in a press release. “When that happens, prices rise, making things even more expensive. Unfortunately, this isn’t likely to change in many of the most troubled metros because the data shows that insufficient building is being done.”
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