PORTLAND, Ore. (KOIN) — The average sale price of a home in the Portland area broke the $400,000 mark in May, rising to $402,500.
While housing prices keep climbing, some residents are done trying to catch up.
“We’re seeing some buyers actually drop out of the market, hoping that things calm down and that there’s actually a correction,” said Keller Williams Realty agent Andrew Berlinberg.
The median household income in the Portland metro area is around $60,000 per year. Experts recommend you spend about a third of your income on housing. By those the numbers, even if you have no other debts and put $25,000 dollars down, on an average household income you’d need to find a house for around $285,000, well below the average.
It’s easy to understand why some residents might be frustrated. One Beaverton one-bedroom house KOIN 6 found has an asking price of $300,000, though it sold for $105,000 less than five years ago.
Berlinberg insisted many sky-rocketed prices aren’t representative of the market as a whole, and that it’s still possible to get a good deal, though you’ll have to make some compromises.
“For $300,000, if you want to be in the heart of southeast Portland, that’s going to be challenging,” he said. “If you’re willing to look at different areas, or consider a townhouse instead of a detached house, there’s opportunities.”
Some of those areas include Tigard, Hillsboro, or even east of I-205. No matter where you go, experts recommend you want to talk to your lender and get pre-approved. That way you know you’re comfortable with what you have to pay monthly.