Map showing the share of mortgaged homes considered seriously underwater by U.S. state in Q1 2024. This is defined as 25% or more owed above the total estimated market value of the property. The U.S. average is 2.7%. The share ranges from 0.8% in Vermont to 11.3% in Louisiana. There is a slight geographic trend, with much of the South having a higher share of seriously underwater homes.