Income Needed to Buy in Portland
Common Question: 'How much income do I need to buy a house in Portland?' Based on the median home price of $550,000, lenders typically look for an annual household income of roughly $38,500. This ensures your payment stays below 28% of your gross pay.
Closing Costs in Oregon
Don't forget cash to close. In Oregon, buyer closing costs typically range from 2% to 5%. For a home in Portland, you should budget between $11,000 and $27,500 on top of your down payment.
Rent vs Buy in Portland
Is it better to rent or buy in Portland? With a calculated monthly payment of ~$3,850, buying is currently more expensive monthly than the average rent. However, buying locks in your housing cost against future Oregon inflation.
Hidden Costs: Property Taxes
Generic calculators often get Portland wrong because they underestimate taxes. Our Portland Mortgage Calculator uses the specific Oregon property tax rate of 1.05%, which adds roughly $481/mo to your real payment.
First-Time Buyer Tips (FHA & PMI)
First-time buyers in Portland often utilize FHA loans. Note that putting less than 20% down will trigger Private Mortgage Insurance (PMI), which can add 0.5-1% annually to your loan balance until you reach 20% equity.