It’s less than Seattle, but you still need well over six figures.
Portland, OR, is known for its quirky vibes, lush urban parks, and delicious Pacific Northwest cuisine. In addition to being a unique and rewarding place to live, Portland is also home to a competitive real estate market that’s seen many changes over the past few years.
For many, buying a home in Portland is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home
So whether you already live in The City of Roses or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Portland.
Check out our original report for a detailed nationwide analysis.
How much income do you need to buy a starter home in Portland?
The median sale price of a starter home in Portland is $401,840. In order to afford this, first-time homebuyers in Portland should make $130,715 per year, up 6.0% from 2023. However, the median income in Portland is $101,552, meaning the typical resident cannot afford a starter home.
As expected, starter homes in Portland are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $149,023 (as of October 2023).
Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.
First-time homebuyers’ guide to the Portland housing market
Portland has experienced a mixed market over the past few years. House prices have only risen by 1.3% since January 2021, but the metro saw sharp rises and drops during and following the pandemic.
The pandemic-driven housing migration boom affected Portland similar to many other coastal metros; more people looked to leave than stay,…