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Is it really that much better or worse to buy a home in Portland over the last 20 years? It’s easy to get nostalgic about the good old days in Portland when a house was only $171,000 even in a great area. What’s easy to forget is that interest rates in 1997 were 7.5% and the average income was only $46,000 a year.
With prices at all time highs here in Portland, Oregon how much more are people spending on average to but an average home? It turns out that in 1997 people were spending roughly 25% of their income on housing and in 2017 the number is 28%. So it costs more to live here now that Portland is a popular destination city but I’d argue the added economic opportunity and better lifestyle perks are worth the added cost.
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work. For the last decade Nick has been a Realtor in Portland, Oregon, where he leads a team and frequently serves as a real estate expert for the media.