Wednesday, May 15, 2013

Housing Costs in Oregon and Home Sales in Portland

A report recently released from the Center for Housing Policy noted that of the 573,514 working households in Oregon in 2011, approximately 26 percent, or slightly more than 151,000, faced a severe housing cost burden. This percentage is up from 2008 when about 23 percent of working households had a severe housing burden. 

You might be asking yourself, "what is a severe housing burden?" The report classifies a household as facing a burden if they spend more than one-half of their income on housing costs. In the Portland metro area, an estimated 24 percent of the 360,249 working households met this criterion.

Keeping with the housing-related news, an article from The Oregonian yesterday reports an improvement in home sales and prices in the Portland area. Based on information for the Regional Multiple Listing Service, the article notes that there were 2,100 homes sold in April, which was a 16.6 increase from the same month a year ago. The median sale price increased by 14.2 percent from a year ago to $257,000.

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