Report: Portland home prices increased faster than incomes

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PORTLAND, Ore. (PORTLAND TRIBUNE) — Portland-area home prices increased more than five times faster than household incomes between 2009 and 2017, according to a new report.

The report by LendingTree says Portland had the 9th highest home price increase of the 50 largest metropolitan areas in the country.

According to the report, median home prices in Portland increased by $88,100 during that period, jumping from $287,900 to $376,000.

In contrast, median household incomes in Portland only increased $16,410 between 2009 and 2017. And the unemployment rate only fell 2.1 percent, one of the smallest decreases in the rankings.

Leading the list is San Jose, California, with home prices increasing $319,400 and incomes increasing $32,991. In last place is Hartford, Connecticut, with home prices dropping $11,800 and incomes increasing $5,716.

The Portland Tribune is a KOIN 6 News media partner.

On average, median home values have increased by nearly $50,000 across the 50 largest metros in the United States since 2009, the report says.

“When the real estate bubble burst in late 2008, many Americans saw their home values fall drastically, but a lot has changed in the 10 years since — housing prices have rebounded from their lows during the Great Recession. And though prices are now starting to cool, in many cases, home values have even exceeded their 2006 highs,” reads the report.

LendingTree describes itself as “the nation’s leading online loan marketplace.”

You can read the complete report here.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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