Oregon is and has been a really hot real estate market and number 1 in the country of states people are moving to. Portland has seen astronomical rises in prices and a huge influx of residence from other states settling down and calling Oregon Home. Comparatively to most west coast states like California and Washington there are still a ton of affordable options and towns in Oregon.
First Time Home Buyers Basic Stats
- The average college graduate earns a salary of $51,471
- The Income Required to support your average house (mortgage) in Oregon for 2020 is $55,886
- 52% of first time home buyers in Oregon are Millennial College Graduates
- 38% of homes sold in 2020 were to first time buyers.
What does the typical first time home buyer look like in Oregon?
- 95% of first time home buyers start their search for housing online
- 33% of Millennial home buyers say their dog was a deciding factor in the home buying process
- (Pre Covid) The average first time home buyer looked at 10-12 houses before making an offer
- 72% of First time homebuyers will use FHA financing.
- 12% Of first time home buyers will USDA Loans for rural/ country properties
Top Markets For First Time Home Buyers
What are the top areas for first time home buyers in Oregon? Why are 63% of the movers In Oregon from out of state?
- Oregons economy is ranked 5th Overall a former logging state and now a leader in tech and manufacturing
- Eugene-Springfield has experienced almost 2% yoy growth for the last 9 years. Home to the University of Oregon and often referred to as silicone shite
- Portland is growing at a 1.3% from 2018-2020 yoy and is Oregon’s largest city. Also the most expensive
- Salem is growing at a 1.8% rate and believed to be the third largest city in Oregon and the states capital. Close to Oregon State University and near the middle of the state you’re nearby everything
Notable areas include Bend Oregon, Roseburg Oregon, Medford Oregon, Corvallis Oregon, and Albany Oregon. Each town has slightly different demographics and different cost of living.