Why own a home in portland?
Portland's housing market has changed faster than most residents' paychecks. Since 2015, rents have climbed, and home prices have soared: the average home now sells for around $530,000–$547,000 (Redfin, Zillow, Homes.com), approximately a +75% increase in sales price in the last decade. For many long-term residents, wages have not been keeping up at the same rate, so housing is a greater expense than ever. This puts homeownership further out of reach for many residents who have lived in Portland for a long time.
This is why we know that accessible homeownership options are more important now than ever. So, why own a home?
Owning a home is the single biggest way to build wealth for most American families.
According to the Federal Reserve's Survey of Consumer Finances, the median homeowner's net worth was roughly $396,000 in 2022, compared with about $10,400 for renters — a gap of nearly 40 times. Homeownership offers the compounding effect of years of fixed payments, appreciating property, and savings that renting doesn't offer.
Owning a home can offer greater stability for current residents, and for the next generation of their family.
Owning a home means having greater control of your future.
When you rent, you depend on your landlord’s priorities and needs. Every year, your landlord decides whether your rent goes up. In Portland, it usually does. A fixed-rate mortgage, on the other hand, locks in your housing payment for the life of the loan.
Owning a home turns your monthly payment into an asset.
Every mortgage payment builds real, personal wealth that's yours to keep, borrow against, or pass on.