Toy house and calculator on table close-up; Shutterstock ID 200470286
Africa Studio Toy house and calculator on table close-up; Shutterstock ID 200470286

By the end Q1 2016, owners of the least expensive homes were more than three times more likely to be underwater on their mortgage than owners of the most-expensive homes, according to Zillow's Svenja Gudell.

The overall negative equity rate among bottom-tier homes nationwide was 21.8 percent in Q1, compared to 7.3 percent among top-tier homes, 11.4 percent for middle-tier homes, and 12.7 percent for all U.S. homes.

The cities with the highest share of negative equity were, not surprisingly, the one's hit hardest by the housing crash.

Among the 35 largest metros, Detroit (43.9 percent), Cleveland (37.7 percent) and Atlanta (37.1 percent) had the highest share of bottom-tier homes in negative equity in Q1.

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