3 PNW cities among top 5 worst U.S. housing market outlooks, study finds
May 30, 2025, 5:01 AM
A Redfin real estate yard sign is pictured in front of a house for sale in Seattle, Washington. (Photo: Stephen Brashear via Getty Images for Redfin)
(Photo: Stephen Brashear via Getty Images for Redfin)
Three Pacific Northwest metro areas are among the top five with the worst housing market outlooks, according to a recent LendingTree study.
The study based its measurements on vacancy rates, home value-to-income ratios, and housing unit approvals.
How does the PNW rank?
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Portland, Oregon, took the number one spot for the worst housing crisis outlook in the country.
The study listed that, “Portland has the fourth-lowest vacancy rate in the nation at just 4.76%,” according to LendingTree.
However, LendingTree noted a low vacancy rate does not necessarily indicate a strong housing market. A lower vacancy rate can indicate high demand, but it can lead to rising home prices.
Portland also ranked as the 13th-highest home value-to-income ratio, at 5.57. This indicates that median home values in Portland are 5.57 times higher than the median income, according to LendingTree.
“The median home value in Portland is $526,500, while the median household income is $94,573,” LendingTree stated.
The worst housing crisis outlook runner-up
Boise, Idaho, was listed as the second-worst housing crisis outlook.
Boise had the second-lowest vacancy rate, at 4.56%, and also held the fourth-largest growth in home value-to-income ratio, increasing 7.12% from 2022 to 2023, according to LendingTree
The study stated a wider gap contributes to growing unaffordability.
Spokane comes in 4th, Seattle 21st
Spokane, Washington, ranked fourth, with a 6.33% vacancy rate and a 5.02 home value-to-income ratio, which increased 7.12% from 2022 to 2023, the study showed.
Seattle ranked 21st out of 100, with a 5.69% vacancy rate and a 5.98 home value-to-income ratio, according to the study.
Who holds the best housing outlook?
Southern metro areas held all five spots on the leaderboard for best housing crisis outlook.
McAllen, Texas, is ranked as the number one metro, with a median home value of $124,000 and a median household income of $52,281, according to LendingTree.
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