1 chart to go: Renting in Portland is expensive
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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.