Nearly a quarter of Portland-area renters are spending more than half their income on housing, according to the latest census data.
Why it matters: An excessive rent burden can make it harder to afford other basic needs, like groceries and transportation — or to save for a down payment that can turn rent checks to a landlord into mortgage payments towards home equity.
Zoom in: Rental prices in Portland saw a slight dip last year, but renters didn't see much relief because affordable housing options remained out of reach.
Inflation and high interest rates have all but stalled construction of new multi- and single-family units.
The average cost of monthly rent in Portland hangs around $1,750, according to RentCafe.
Stunning stat: The real median gross cost of renting — that's rent plus utility/energy costs — grew faster annually (+3.8%) than real median home values (+1.8%) last year for the first time in a decade, per census data.