Portland, Oregon is known for its amazingly lush scenery and the bustling cityscape. With a gorgeous waterfront and Mount Hood looming in the distance, both outdoorsmen and city-lovers flock to Portland.
The city also is known for its eco-friendliness. If that’s not enough, Portland features a booming economy. Moving to Portland seems like a dream, but don’t pack too quickly.
Home buyers often have a difficult time getting an accurate estimation of the cost of living in a new city or state. Save the stress and headaches by working with an experienced real estate agent.
Clever Partner Agents are local and knowledgeable about the cost of living in their region. If you are looking to move to Portland, Oregon, a Partner Agent would be an invaluable asset in helping you get the most bang for your buck.
Typical Home Prices in Portland in 2019
The current market in Portland is cold and favors buyers. The median home value in Portland is $419,700, according to June 2019 data from Zillow. Home values have decreased by 1.6% in the past 12 months and are expected to fall an additional 2.1% in the next 12 months.
The median listing price of homes in Portland is $467,250, though the median sale price is less expensive at $423,000.
Contrary to the fact that home buyers can get a deal on home sale prices, Portland is not considered an affordable city. The median sale price of a home in Portland is significantly higher than the median home price throughout the United States, which sits at $234,900. That is a $188,100 difference that could go a lot further elsewhere in the state of Oregon.
There are a number of suburbs in the greater Portland region that are cheaper but will take you out of the metro area and closer to the great forests of Oregon. If you’re looking for a deal, smaller towns like Newberg are more affordable with a median home sale price of $370,900.
How Much are Portland Property Taxes?
Most homeowners dread the cost of property taxes but buyers fail to account for them in their budgets. Property taxes in Portland, Oregon are calculated based on a variety of factors, meaning that your property tax can be significantly higher than your neighbors. Multnomah County handles Portland’s property tax calculations.
The county evaluates your home’s characteristics and utilizes two different equations to come up with two different possible tax rates. You will pay the lower of the two amounts. Some factors that will affect your property tax rates include improvements or additions made to your home, the size of the lot that your home sits on, and even the construction quality of your home.
Property tax rates in Portland can rise more than 3% from year-to-year, so it’s a good idea to keep more money than you expect to pay. If you think that your home’s value has decreased then you are able to have an assessor from the county come out to look at your property.
Average Homeowners Insurance in Portland
Homeowners in Portland, Oregon can breathe a sigh of relief because they won’t have to spend an arm and a leg on homeowners insurance. The average cost of homeowners insurance in Oregon is just $643 according to 2018 data from Insurance.com. The national rate for homeowners insurance is $1,228, so Oregonians enjoy huge savings.
Homeowners insurance typically covers you if someone is injured in your home, there’s a theft, or damage to the dwelling structure. Portland experiences a significant amount of rain meaning homeowners should consider getting additional coverage for any damage caused by extreme rain. Extra coverage for natural disasters such as earthquakes and extreme weather may drive your costs up.
Common Home Maintenance and Repair Costs in Portland
Located in the Pacific Northwest, Portland experiences one of the highest rates of precipitation in the United States. This means that Portlanders should pay special attention to their gutters which guide the rain away from the home to prevent damage and flooding.
Homeowners should also check for leaks throughout the home. Water that gets in the home and doesn’t dry property can cause mold growth which can be a hassle to get rid of.
Check your home’s sump pump regularly to ensure that it is in working condition and to prevent flooding. A broken sump pump can cause groundwater to back up into your home and cause damage. Sump pump repairs are typically handled by a plumber and can cost you big bucks as plumbers charge anywhere from $45 to $200 an hour.
According to data gathered from a Clever study, U.S. homeowners pay an average of $2,676 on home repairs and maintenance annually. It’s a good idea to have more than this amount stashed away in case of an emergency repair or maintenance need.
Other Costs of Living in Portland to Consider
Portland’s impressive public transportation system comes at a price namely $125 for a monthly transit pass that gives you access to most of the city’s transportation offerings. If that price is too high, there’s always the option to invest in a bicycle. As one of the most cyclist-friendly cities in the country, 6.3% of Portland’s population commutes via bike.
Find a Top Portland Real Estate Agent
If you’ve fallen in love with the idea of buying a home in the Rose City, let Clever help. Clever Partner Agents are just what the doctor ordered when it comes to getting the best deal on the home that you want to buy. Partner Agents are experienced and local, not to mention, they can get you showings on demand.
Clever Partner Agents know the ins and outs of the Portland market and can save you money.