Why Live in Portland
Portland's distinctive culture shines through Powell's City of Books, the world's largest independent bookstore, and an extensive network of food carts serving diverse cuisines. The 410-acre Washington Park houses multiple attractions including the International Rose Test Garden and Portland Japanese Garden, while the 5,200-acre Forest Park provides miles of hiking trails within city limits. The culinary scene features standout restaurants like Han Oak, serving upscale Korean cuisine, and Le Pigeon, known for innovative French bistro fare.
Single-family homes predominate in established neighborhoods like Irvington, where the median price reaches $942,500, and Laurelhurst, with a median of $900,000. The Pearl District features primarily condos, with one-bedroom units at a median price of $389,500 and two-bedrooms at $647,000. Across Portland, the median single-family home price stands at $599,900, while townhomes command $470,000.
Living costs run 16.8% above the national average. A family with school-age children needs approximately $124,000 annually to live comfortably, including $42,000 for housing and $20,000 for groceries. Portland's tax structure includes no sales tax, but residents pay a 3% local income tax and 8.75% state income tax. Property taxes in Multnomah County average 0.96%.
The city's public transportation system, TriMet, connects downtown to suburbs via light rail, buses, and streetcars. Top-rated public schools include Grant High School and Lincoln High School, while private options like Jesuit High School maintain an A+ rating. Major employers span technology, healthcare, and athletic wear industries, with Nike and Columbia Sportswear headquartered nearby. The climate features mild winters averaging 35-50°F and warm summers ranging from 75-85°F.
Frequently Asked Questions
What is the average home price in Portland, OR?
Homes for sale in Portland, OR have an average home price of $652,684.
Are home prices dropping in Portland?
Yes, home prices in Portland are down 7% in the last 12 months.
How many homes have sold over the last 12 months in Portland, OR?
2,772 homes have sold in Portland, OR over the last 12 months.
Is Portland, OR a safe city?
What are the most popular zip codes in Portland, OR?
What are the most popular neighborhoods in Portland, OR?
How much do you need to make to afford a house in Portland?
The median home price in Portland is $550,000. If you put a 20% down payment of $110,000 and had a 30-year fixed mortgage with an interest rate of 6.74%, your estimated principal and interest payment would be $2,850 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $122K a year to afford the median home price in Portland.
How are the schools in Portland, OR?
Home Trends in Portland, OR
On average, homes in Portland, OR sell after 79 days on the market compared to the national average of 69 days. The median sale price for homes in Portland, OR over the last 12 months is $529,950, down 6% from the median home sale price over the previous 12 months.
Median Sale Price
$529,950
Median Single Family Sale Price
$749,000
Median Townhouse Sale Price
$439,807
Median 2 Bedroom Sale Price
$349,900
Median 1 Bedroom Sale Price
$250,000
Average Price Per Sq Ft
$349
Number of Homes for Sale
305
Last 12 months Home Sales
2,772
Median List Price
$550,000
Median Change From 1st List Price
2%
Median Home Sale Price YoY Change
-6%
