PORTLAND, Ore. — A new study finds that Portland's rising home prices puts the metro area 11th among U.S. cities with the steeping price increases.
Anytime Estimate, a home pricing and financing company, analyzed federal data and the Zillow Home Value Index to see how inflation and stagnant wages are affecting people and their ability to buy homes. The study found that a typical home in Portland today is valued at $547,041, while the national median home price is $408,100 — a 29% difference.
Portland is also, according to the study, one of only 13 U.S. cities where home values have increased more than 200% since 2000.
While Portland stands out, it is not alone in ever-increasing home prices. Anytime Estimate noted the differences between home price increases and inflation rates in the last few decades. In 2021 alone, the study found home prices rose 20%, while inflation grew at a 7.5% pace.
Anytime Estimate’s study is not the only one that puts Portland’s affordability issues on display. The overall cost of living in the city shot up almost 6% from 2020 to 2021, while the cost of housing rose more than 30% according to Porch, a moving and home improvement service website.
And it isn’t just home buyers seeing higher housing costs, as the price for an average one-bedroom rental in the city continues to rise above $1,500 and the housing supply tightens.
Seattle’s home values have increased by 237% since 2000 according to Anytime Estimate’s study, putting it in the study’s the top 10 for highest home price increases in the last two decades.
Read more at the Portland Business Journal.
