Just a little mid-week reminder that we’re past the tipping point where Portlanders with average-or-below incomes could tangibly be able to afford a house here. That is, unless you have more than fifty percent of your income to spend on housing. (THAT IS ILL ADVISED!)
<a href=”https://www.washingtonpost.com/news/wonk/wp/https://www.washingtonpost.com/news/wonk/wp/2016/03/22/why-it-seems-impossible-to-buy-your-first-home/
“>From the Washington Post:
But across the country, the list prices of starter homes have been rapidly rising, running away from what would be remotely possible on the kind of incomes that could traditionally buy you such properties. In metropolitan Oakland, the median list price for a starter home is up 104 percent since 2012, according to a Trulia analysis. In Denver, it’s up 78 percent. In Portland, 50 percent. In metro Washington, 37 percent.
The article says the median list price of a measly starter home in the city is a whopping $209,675, and puts us on the same track as booming Seattle and San Francisco home prices. 😭😭😭
In markets like Oakland, Portland and Washington, the prices for high-end homes are rapidly rising — the rungs of the ladder are moving further apart — and that makes it harder for people who own mid-tier homes to trade up. And when they get stuck, people who own starter homes have a harder time trading up, too.
And don’t forget about this new revelation, too! Portland had the largest year-over-year house price increase of all the cities listed in the S&P/Case-Shiller Index.
Portland, Seattle, and San Francisco reported the highest year-over-year gains among the 20 cities with another month of double digit annual price increases. Portland led the way with an 11.8% year-over-year price increase, followed by Seattle with 10.7%, and San Francisco with a 10.5% increase.
I guess I’ll just keep renting this windowless closet for $360 a month. Whomp whomp.
