Nov 1, 2024 - Real Estate
Oregon home prices rose nearly 700% in 40 years
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Home prices in Oregon soared nearly 700% over the past four decades, according to one analysis of Freddie Mac data.
The big picture: Oregon had the second largest gain in home prices in the nation — behind only Washington — at 699%, from 1984 to 2024, according to the analysis of Freddie Mac House Price Index data by journalist Lance Lambert of ResiClub.
- Overall inflation rose 203% in the last 40 years, while median U.S. household incomes rose 233%, Lambert wrote.
- He points out, however, that overall housing affordability is only slightly worse today than it was in 1984 when you account for mortgage rates, median household incomes and national home prices.
Zoom in: The median home price in Portland is about $500,000, according to Redfin.
- A recent analysis by Redfin determined that buying a typical starter home in the city requires a six-figure income.
The bottom line: As Portland's housing availability crisis grows, it's not only continuing to slow down home sales, but leading residents to flee in search of more affordable options.