Portland's Home Prices Are Continually Rising
Portland's home prices are not easing; rather, they are doing the exact opposite. Despite the aims of many homebuyers to settle in Portland, they face a major hurdle in terms of affordability. According to a report from CNN Money, "Portland has a lot to offer such as 90-minute drive to the beach, snow-capped mountain on the other side, thriving food and wine scene, a burgeoning tech sector, and the weather is temperate."
Nevertheless, even though the region offera great things, the availability of homes and their prices are deterring local homeowners. It was even noticed by Jennifer Johnston, who is a Portland native and principal broker at Premier Property Group. She said, "It used to be that if you were out-of-state you were an anomaly. Now, if you are from here, you are an anomaly."
Moreover, it appeared that, "Portland home prices jumped 11.1 percent between November 2014 and 2015, which is the biggest increase in the country, and the rent prices also went up 13.7 percent, while the median home price in Portland is now $345,500, and San Francisco is at $1.12 million," as further reported by the same post.
On the other hand, it remains uncertain as to why Portland's home values are continually rising and which sector should get the blame. According to the Huffington Post, even the Portland locals are fully aware of the rising costs.
Bryan Downes, a former professor at the University of Oregon's Department of Planning, Public Policy and Management, said, "Prices are outrageous. There's a major transformation going on here."
In the past year, apartment rents in Portland rose 12.4 percent. They have increased way faster in comparison to various cities around the country. Furthermore, the average rent rose to $1,242, which is a whopping 41 percent increase since 2010, while the vacancy rates are some of the lowest in the nation, and landlords are pushing people out of their homes to make room for renovations and increased prices, according to the same report.