Portland Housing Affordability Rate – 2020 Update
November 29, 2019
Most people can afford to pay 30% of their income on housing costs; more than that, and housing becomes unaffordable. The Portland affordability rate is different depending on whether you’re renting or buying. According to the most recent census data, the median household income in Portland is $73,000 per year. For those households, the monthly housing payment should be $1,825/month or less. But, according to Zillow’s Rent Index for Portland, the average renter in Portland is paying $2,072/month — 14% more than the affordable level for median income earners. Unaffordable Portland Rent at 114% of average income. By comparison, the median home price in Portland is $410,000 (according to the September 2019 RMLS report). Assuming a 20% down payment on that...