Affordable housing in Lake Oswego is "few and far between"
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Illustration: Brendan Lynch/Axios
Lake Oswego is one of the most exclusive real estate markets in the Portland metro area — with a median home sale price of just under $1 million, finding affordable housing can be especially challenging.
The big picture: The city's desirability is driven by its top-rated public schools system, lower property tax rates compared to neighboring Multnomah County and growing lifestyle amenities, such as its restaurant and nearby recreational options.
Yes, but: With the limited new construction — thanks in part to Oregon's urban growth boundary — the market in Lake Oswego is heavily dependent on the existing housing inventory. Those looking to get in must be willing to make compromises, according to realtor Jesse Knight.
- "The barrier to entry is high," he told Axios. "The biggest challenge is the price point, but if you're willing to give up on a little bit, like the size of a home, you could get the benefit."
Zoom in: Most of the homebuyers Knight works with who love Lake Oswego for its schools, but not its prices, look to the Lake Grove and Mountain Park neighborhoods. Homes there range from $650- to $700,000, but can still be "few and far between," he said.
- Lake Grove, located at the southern tip of the city, is known for its old growth gardens, historical homes and walkability.
- Mountain Park's biggest draw is its community center, with a gym, pool and basketball courts available to all residents. The hilly landscape gives it a secluded feel, and, since it's further north, the proximity to Portland is also a plus.
- The average home in those neighborhoods has between four to six bedrooms with two bathrooms. Anything smaller, unless it's a condo, is harder to come by, Knight said.
What we're watching: Over the last 20 years, Knight has seen the demographic of Lake Oswego change from older residents to younger, "hipper" families. He expects that trend to continue.
- "There's a lot more happening in Lake O than there used to be," Knight said. "And for the first time in my career, I'm seeing more 'dyed in the wool' Portlanders moving out this way."