--- description: Rising home prices have helped put 300,000 homes above water, but some cities are still feeling the harsh effects of the housing bust. title: These Are The Cities With The Most Underwater Homes image: https://static.time.com/v3/assets/bltea6093859af6183b/blta705c3b5b982d971/69869675d0b6f21be0304bda/home-mortgage1.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [U.S.](/section/us/) ## U.S. Update your preferences in [Account Settings](/account/preferences/) Close * [cities](/tag/cities/) ## cities Update your preferences in [Account Settings](/account/preferences/) Close # Here Are The U.S. Cities With The Most Underwater Homes by [TIME Video](/author/time-video/) ## TIME Video Update your preferences in [Account Settings](/account/preferences/) Close Jun 5, 2014 7:55 PM CUT  A new home for sale in Pepper Pike, Ohio, March 21, 2014. A new home for sale in Pepper Pike, Ohio, March 21, 2014.Tony Dejak—AP by [TIME Video](/author/time-video/) ## TIME Video Update your preferences in [Account Settings](/account/preferences/) Close Jun 5, 2014 7:55 PM CUT U.S. homeowners had some good news this year when it was announced that the number of homes that are considered ‘underwater’ has declined by almost half — but the luck has not been spread evenly across the country. For a home to be considered ‘underwater,’ the purchase loan has a higher value than the current market rate of the home itself. And whereas rising home prices are helping some homeowners get back in the black, some cities still have an underwater rate higher than the nationwide average. Las Vegas tops out the list with 31.8% of homes underwater, check out the video above to see the rest. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/2827977/cities-with-the-most-underwater-homes/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/2827977/cities-with-the-most-underwater-homes/"},"headline":"Here Are The U.S. Cities With The Most Underwater Homes","datePublished":"2014-06-05T19:55:40.000Z","dateModified":"2026-02-21T08:14:59.908Z","description":"Many homeowners are suffering with mortgage debts worth more than their home itself","url":"https://time.com/2827977/cities-with-the-most-underwater-homes/","keywords":["cities"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blta705c3b5b982d971/69869675d0b6f21be0304bda/home-mortgage1.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"TIME Video","jobTitle":null,"url":"https://time.com/author/time-video/"}],"articleSection":"U.S.","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blta705c3b5b982d971/69869675d0b6f21be0304bda/home-mortgage1.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Mortgage Rates","caption":"Mortgage Rates","creditText":"Tony Dejak—AP","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/us/","name":"U.S."}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/cities/","name":"cities"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/2827977/cities-with-the-most-underwater-homes/","name":"Here Are The U.S. Cities With The Most Underwater Homes"}}]}] ```