PDX Metro Housing Problem? Well, there isn’t a problem if you are living in a home you own and plan to stay in, or if you own rental properties. Both are reaping the benefits of an approximate 11.4% increase in appreciation over the past 12 months. (Check out my Audio Market Action Report for these and other market stats)
Portland area landlords are enjoying an annual yearly increase in rental rates of approximately 9%. In the past six months alone, rents have raised 7% which suggest an increase rate of 14% for this year! (Here is a link to a recent Oregonian article regarding these numbers)
Unfortunately, buyers and renters are struggling with the higher costs and lack of choices. That is a problem. Thankfully, loan interest rates still remain low. It is still possible for first-timers to buy. However, sacrifices in location, age or condition may need to be made. Renters should contact a local preferred lender and find out if they can qualify. If they can’t qualify now, ask the lender what steps to take to make it happen in the future.
So what’s the fix? Oregon and Portland metro have been discovered. We are now known to be one of the best places in the world to live. Those of us that live here are fortunate, regardless of whether we rent or own. That said, we need to solve the housing problem. It seems obvious that we need to build a wall and have California, Nevada, Idaho and Washington pay for it! Just kidding of course… we may need to pay for it ourselves. 🙂 Have a safe & spooky Halloween!
Kevin G. KevinGormanSells.com