Renting is far cheaper than owning in Portland right now
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Many prospective homebuyers in the Portland metro area know: It's a lot cheaper to rent than own right now.
- Approximately $725 cheaper per month in fact, according to a new LendingTree analysis.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
- Across the country, homeowners with a mortgage now pay around 37% more per month than renters, researchers found.
By the numbers: The median monthly gross rent in Portland was nearly $1,770 in 2024, based on the latest available census data, compared to over $2,490 a month for mortgaged homes.
- That gap widened from the year before as homeownership costs rose faster than rents.
The big picture: In 22 of the 100 largest metros, owning costs at least 50% more each month than renting, including utilities, fees and taxes.
- Northeastern metros — New York (76%), Bridgeport, Connecticut (75%), and Providence, Rhode Island (67%) — saw the biggest percentage differences between homeowners' and renters' bills.
- San Francisco posted the largest dollar difference, nearly $1,600.
- Even in relatively affordable areas such as Phoenix and Orlando, Florida, renting remains around $200 cheaper per month.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," Matt Schulz, LendingTree's chief consumer finance analyst, told Axios in a statement.
- Homebuyers may have to move to another city to find a place within reach, he said.