Home Buying Grants and Rent vs Buy

If you’re thinking of buying a home in Portland (especially if it is your first time) it is a good idea to check out available home buying grants and know the latest statistics on renting in Portland vs. buying.

Down Payment Assistance Programs and Grants for Home Buyers: 2021 Update

February 6, 2021

We know the home buying process can seem obscure, even formidable. But one of the great benefits of navigating the Portland real estate market is that so many programs are in place to help out first time home buyers and encourage home ownership regardless of income level. If you dream of buying a home of your own but feel like you don’t have the funds – think again. It’s very possible you may qualify for a number of down payment assistance programs that can give you a foot in the door to your new home. Down payment assistance programs are a murky territory, though. They come at federal, state, county, and city levels (often with overlapping stipulations). Today we’ll lay...

Rent vs. Buy a Portland Home in 2021

January 25, 2021

Potential first-time home buyers in 2021 have some tough decisions to make. Buying is always seen as more financially advantageous than renting, because the value of your investment will go up over time. After accumulating some funds for a down payment (and some roommate horror stories), most renters will attempt to buy a home in an area where they plan to stay for 6-10 years.  But is 2021 the year to do it? Initially you might think “no” when you consider that prices for Portland homes have climbed 7% over the past year, and a median-priced home is selling for close to half a million dollars as of January 2021 (according to the RMLS and Zillow). You’re better off buying...

First Time Homebuyer Loans, Downpayment Grants, and More – 2020 Update

May 15, 2020

Is 2020 your year to buy a home in Portland? Making the leap from renter to homeowner is possible even if you don’t have the traditional 20% down payment. From below-market interest rates to help from private investors, there is assistance available for all first time homebuyers. Read on for our updated list for 2020. First, some definitions: First time home buyer: Any individual who has not owned and occupied a primary residence in at least three years. Cash assistance: A sum of money that you don’t have to pay back, that goes toward the down payment on the home. This is sometimes also referred to as a grant. FHA (Federal Housing Administration) loan: A loan backed by the federal government,...

Rent vs. Buy a Home in Portland – 2019 Update

August 12, 2019

The biggest question we get from a potential first time home buyer is: Which is more affordable, renting or buying a home in Portland?  Affordability is a multi-tiered puzzle. Potential Portland home buyers aren’t just impacted by their own finances — mortgage rates, property tax rates, home maintenance costs, and potential lifestyle changes brought on by the move (for example, being able to go down to one car and take public transit) all play a part.  Still, if you suspect that you’re paying more in rent than you would for a mortgage in a similar or better home, the first thing you’ll want to look at is what the total cost is for a home in Portland. In other words,...

Must Know! First Time Home Buyer Grants, Loans, Programs – 2019 Guide

July 12, 2019

As real estate agents, we love helping clients transition from renting to becoming first time home buyers in the Portland real estate market. The biggest hurdle to making that happen is the first time home buyer down payment. Second-biggest is probably making that monthly mortgage payment! Either way, there are first time home buyer loan programs out there to help, whether they’re from government agencies, private non-profits or individual lenders. Keep in mind that the following list of home buyer assistance programs is just a starting point. Financing your home purchase is a complicated series of decisions, and there are scams out there! That’s why we recommend home buyer education, whether you’re a first-time buyer or you’re re-entering the market....

Rent vs Buy, Portland Real Estate Market – 2019

January 11, 2019

According to Zillow research, rents fell nationwide this year for the first time in six years. Portland led the way with the biggest decline over last year: 2.7% What does this mean for renters who are considering purchasing a home in 2019? To find out, let’s put that number in context. Just three years ago, home ownership statewide was the lowest it had been in decades. As a result of increased demand, rents skyrocketed in Portland by 7.2%. It’s hard to believe in that so short a time, we’ve actually reversed course to see a decline in average rent by nearly three percent. First of all, the free market did its work: As rents climbed, homeownership became more attractive. More...

Rent vs Buy in Portland, College Edition

June 9, 2017

Portland is home to a lot of great colleges — Portland Community College, Reed, Lewis and Clark, University of Portland, Concordia, Warner Pacific – to name just a few. Students from across the country will be moving to Portland this fall, and if you’re looking at this Portland real estate blog, chances are you’re a parent wondering if it makes sense to buy a home, condo, or townhome for them to live in. You probably already know that Portland is a great city to invest in, and that the rental market is tough. If you have the financial ability to help your child, you may be thinking — why not buy and save my student the hassle of renting while...