Home Ownership Affordability
20% Down Payment
Much of the region, especially neighborhoods closer to Portland’s city center, has become increasingly less affordable for middle-income home buyers since 2012. The map below shows the percent of income spent on housing for a household earning the region’s median family income for a family of four in the given year. Areas shaded green are locations considered affordable for these households, as they require 30% or less of a household’s income. Areas shaded red are considered unaffordable. Over time, affordability changes as incomes, interest rates, and home sales prices change.
The 2000 to 2015 period shows two full housing cycles; while housing became more affordable from 2000 to 2004, by 2007 affordable home ownership had become more challenging than it is today given relatively high interest rates. By 2011 at the bottom of the recession, housing once again trended towards being more affordable. If these trends continue at their current rates it is likely housing will become only more unaffordable again by 2020.