1997 vs. 2017 | Portland Real Estate

by | May 18, 2017 | Articles, Market Reports

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Is it really that much better or worse to buy a home in Portland over the last 20 years? It’s easy to get nostalgic about the good old days in Portland when a house was only $171,000 even in a great area. What’s easy to forget is that interest rates in 1997 were 7.5% and the average income was only $46,000 a year.

With prices at all time highs here in Portland, Oregon how much more are people spending on average to but an average home? It turns out that in 1997 people were spending roughly 25% of their income on housing and in 2017 the number is 28%. So it costs more to live here now that Portland is a popular destination city but I’d argue the added economic opportunity and better lifestyle perks are worth the added cost.

 

 

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