Published
July 13, 2026 8:51 am
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By
Jenna Ross
Design
- Athul Alexander
The following content is sponsored by Terzo
Where U.S. Home Prices Have Outpaced Income the Most
Home prices have climbed faster than incomes across much of America, but nowhere has the gap widened more than in Bend, Oregon. Since 1990, the metro area’s house price-to-income ratio has surged 236%, the biggest increase in the country.
This graphic, created in partnership with Terzo, highlights how homeownership has become increasingly out of reach. It’s part of our Markets in a Minute series, which delivers quick economic insights.
Ranking Metro Areas With the Biggest Surges
Back in 1990, Bend home prices were about 2.7 times higher than incomes. By 2026, the ratio has climbed 236% higher with homes costing 8.9 times more than the median household income.
The area’s housing affordability has been squeezed by population growth that has outpaced homebuilding. Bend has attracted thousands of new residents—many relocating from elsewhere in Oregon and California—while housing supply has struggled to keep up. The Oregon government estimated Bend needs over 33,000 new housing units by 2045, but current production trends put Bend on a trajectory to meet only two-thirds of this requirement.
An influx of higher-income households has also pushed up home prices faster than local incomes.
| Metro Area | Increase in House-Price-to-Income Ratio 1990–2026 |
|---|---|
| Bend, OR | +236% |
| Coeur d'Alene, ID | +187% |
| Missoula, MT | +168% |
| Bozeman, MT | +167% |
| Corvallis, OR | +157% |
| Salt Lake City, UT | +155% |
| Bellingham, WA | +154% |
| Pocatello, ID | +152% |
| Walla Walla, WA | +150% |
| Kennewick, WA | +149% |
| U.S. Overall | +52% |
Source: Joint Center for Housing Studies of Harvard University. Metropolitan area labels have been simplified to the first-listed primary city and first-listed state. Data shown is the change in the following ratio: the Median Home Price for Existing Home Sales to the Median Household Income.
Coeur D’Alene had the second-highest jump in its house-price-to-income ratio. The area has seen high population growth, with wealthier out-of-state buyers drawn to the outdoor recreation opportunities and relative affordability compared to other resort towns.
Seniors are also drawn to the lack of state taxes on Social Security. In Northern Idaho, Baby Boomers make up nearly 30% of the population and have created a block in housing inventory by choosing to age in place. As a result, there’s fewer homes on the market, which drives up home prices.
Notably, the top 10 states seeing home prices rise much faster than income are all in the Western region. In fact, in most Western states, housing costs make up 30% or more of income.
Home Prices Rising Faster Than Income: What it Means for Markets
A rapidly rising house-price-to-income ratio is often a sign of a desirable, fast-growing market. Job creation, population growth, and limited housing supply can all push home prices higher as more people compete to live there. For businesses, these markets can offer access to larger customer bases and skilled talent, but they also become increasingly expensive places to recruit and retain employees.
As housing affordability deteriorates, companies may need to offer higher wages, housing benefits, or greater remote-work flexibility to attract workers. Growth can also spill into more affordable neighboring cities as both households and businesses seek lower costs.
One powerful way for businesses to lower costs is by optimizing contract spending. But there’s a major problem: contract data is often trapped in static PDFs or spread across multiple applications.
Unlock AI-driven insights on your company’s spending with Terzo’s NirvanAI and you could get 10% or more annual cost savings.
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