Home Affordability in Portland, OR
The median home price in Portland is $520,000 with a median household income of $73,097. Housing is significantly stretched relative to local incomes.
Median Home Price
$520,000
Median Income
$73,097
Price-to-Income Ratio
7.1x
Est. Affordable Home
$284,000
Property Tax Rate
0.98%
Annual Property Tax
$5,096
Sales Tax Rate
0.00%
Cost of Living Index
130
Buying a Home in Portland
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $73,097 in Portland can afford a monthly housing payment of approximately $1,706. This translates to a home price of roughly $284,000, which is below the median home price of $520,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Portland would be approximately $5,096 per year ($425/month) at the effective rate of 0.98%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $15,600 | $504,400 | Yes |
| 5% | $26,000 | $494,000 | Yes |
| 10% | $52,000 | $468,000 | Yes |
| 20% | $104,000 | $416,000 | No |
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