The population of Portland, Oregon has increased dramatically over recent years. In fact, the population increased by about 80 people a day last year, resulting in a 1.7% growth rate according to the United States Census Bureau. The total population is now roughly 2.4 million people.
The population increase is apparent in Portland, especially when examining the housing market. The housing supply is very small, driving up prices and rent. It’s also spurring new apartment development.
Despite this dramatic growth, Portland dropped to the 25th largest metro area.
Which cities grew more than Portland?
-Bend Oregon (which increased by 3.6%!)
What does this mean for real estate in Portland Oregon?
We may have dropped in the rankings, but the population is still increasing. This will continue to put a strain on housing inventory, and trigger price and rent increases for the foreseeable future.
Thinking about selling? It’s the perfect time!