10 Midwest Cities That Could Be Headed for a Housing Crisis

For the past few years the housing market has been so hot it seemed to defy the economic downturn brought about by the pandemic. While many people were losing their jobs due to lockdowns, record low housing inventory had ready buyers in a fervor.

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However, like most things, the market can’t stay hot forever. Rising mortgage rates and higher home prices have begun to put a damper on home sales. Additionally, warning signs of a recession have made people nervous, and some parts of the country are being hit harder by inflation than others, like the Midwest.

In order to find the Midwest cities that could be poised for a housing crisis, GOBankingRates looked at the largest 200 cities in terms of total housing units and some crucial factors such as percentage of mortgages that are between 30 and 90+ days delinquent and homeowner and renter vacancy rates. Data was drawn from the Consumer Financial Protection Bureau and the Consumer Protection Bureau. Here are 10 major U.S. cities that could be poised for a housing crisis.

10. St. Louis, Missouri

• Homeowner vacancy rate: 3.9%
• % of mortgages delinquent 90 days: 0.5%

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9. Wichita, Kansas 

• Homeowner vacancy rate: 1.4%
• % of mortgages delinquent 90 days: 0.7%

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8. Chicago, Illinois

• Homeowner vacancy rate: 2.0%
• % of mortgages delinquent 90 days: 0.6%

7. Aurora, Illinois

• Homeowner vacancy rate: 0.9%
• % of mortgages delinquent 90 days: 0.6%

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6. Akron, Ohio

• Homeowner vacancy rate: 1.7%
• % of mortgages delinquent 90 days: 0.7%

5. Evansville, Indiana

• Homeowner vacancy rate: 2.1%
• % of mortgages delinquent 90 days: 0.7%

4. Cleveland, Ohio

• Homeowner vacancy rate: 1.7%
• % of mortgages delinquent 90 days: 0.6%

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3. Rockford, Illinois

• Homeowner vacancy rate: 1.6%
• % of mortgages delinquent 90 days: 0.7%

2. Toledo, Ohio

• Homeowner vacancy rate: 1.7%
• % of mortgages delinquent 90 days: 0.7%

1. Dayton, Ohio

• Homeowner vacancy rate: 3.6%
• % of mortgages delinquent 90 days: 0.7%

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