Costs to buy a house in Oregon | Oregon closing costs | Oregon house buying calculator | Homeownership costs | How to save when buying a home in Oregon
The average home buyer in Oregon spends between $40,213 and $141,560 when purchasing a $515,439 home — the state median value.
Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.
If you're looking for ways to cut down on the costs of buying a home, Clever Real Estate can help. We're an agent-matching service that can help you compare real estate agents in your local area. All of our agents offer local expertise to keep more money in your pocket.
Buying a home is expensive, but Clever can help. We'll connect you with a top, local agent that can negotiate a better deal with the seller.
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Average cost to buy a house in Oregon
| Expense | Amount |
|---|---|
| Earnest money deposit (1-3%) | $5,154 to $15,463 |
| Down payment (3.5-20%) | $18,040 to $103,088 |
| Cash reserves | $4,703 to $7,055 |
| Closing costs (2.07%) | $10,681 |
| Inspection | $133 |
| Appraisal | $250 |
| Moving | $1,250 to $4,890 |
| Total | $40,213 to $141,560 |
Buyer closing costs in Oregon
While the other costs to buy a house in Oregon are pretty transparent, Oregon closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Oregon closing costs you'll likely pay when buying a home.
| Closing cost | Amount |
|---|---|
| Closing fee | $515 |
| Recording fee | $129 |
| Title service fees | $994 |
| Origination fee | $2,577 |
| Underwriting fee | $600 |
| Discount points | $4,124 per point |
| Lender's title insurance | $354 |
| Owner's title insurance | $1,131 |
| Prorated property tax | Varies |
| Transfer tax | 0.05% |
| Total | $10,681 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.
Cost to buy a house in Oregon calculator
Ongoing costs of homeownership in Oregon
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Oregon homeowner, this is between $224 to $759 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Oregon
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
2. Participate in home buyer programs Oregon
There are a few home buyer programs in Oregon that can help make owning a home more affordable. The Oregon Housing and Community Services offers the Oregon Bond Residential Loan Program, which provides two lending options with competitive rates to eligible buyers. It also offers down payment assistance, but its availability is dependent on the state’s current funding.
Besides that, there are local programs when you buy in select areas — check out the HUD’s website for more details.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Having an expert agent on your side can ensure you win the negotiating battle with the seller.
Clever can help match you with a knowledgeable, hyper-local agent that knows the ins and outs of how to save you money on your local fees. And best of all, our service is totally free!
Finding a great local realtor is the first step in making your home buying dreams a reality. Our free service matches you with top agents from trusted brands like Keller Williams and RE/MAX.
Enter your zip code to request hand-picked agent matches in minutes. Compare your options until you find the perfect fit, or walk away with no obligation. Try Clever's free service today!
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