Portland Real Estate Affordability Rate: 2023 Report
April 10, 2023
Housing affordability in Portland is a concern that has been brought into the spotlight due to factors like rapid population growth (which has begun to drop), inflation combined with income rates failing to meet higher costs of living, and both increasing rent and high mortgage insurance rates. What is Portland’s Affordability Rate in 2023? To calculate housing affordability, The National Association of REALTORS® uses a formula that assumes a homebuyer has a 20% downpayment and a 30-year fixed rate mortgage of 6.36% (per Freddie Mac). RMLS utilizes this formula to generate a quarterly affordability graph for the Portland Metro area. As we can see in the graph above, a family earning the median income of $106,550 (per HUD) could afford...