Owning a Piece of The Rose City
Discover Portland's Real Estate
Portland is the largest city in Oregon and home to over 2 million people. It is the 8th most populous city in America and one of the most eco-friendly places in the world. The luscious green city is the 10th wealthiest major city in the US and the 21st-largest metropolitan region in the US in terms of GDP. With an increased job market of 0.9% and affordable property rates, Portland is the right place for real estate investment and is named one of the best markets for it in 2019 by Forbes.
Culture, History, and Business
Portland is home to numerous theatre and performing arts institutions. The culture of Oregon has had a diverse and distinct character from before European settlement until the modern-day. Approximately 80 Native American tribes were living in Oregon before the establishment of European pioneer settlements. Recently, Portland is best known for its extraordinarily liberal and environmentally-friendly approach, unlike historically, when the city was a shipping port.
Portland came into existence in 1845 when Asa Lovejoy and Francis Pettygrove purchased the land claim of the area. Their intention was to convert it into a significant transportation center, due to its proximity to railroads and rivers. Eventually, this plan came through, and for many years the city was one of the largest transportation hubs in the US.
Portland is best known as a manufacturing city. A large part of the city’s economy depends on manufacturing of high tech electronics and speciality metal fabrication. Since 2018, Portland’s job market has increased by 0.9%. It is the United States’ 26th wealthiest state by GDP. The state’s per capita personal income in 2017 was $38,801, while the GDP of Oregon in 2017 was $161.6 billion.
Real Estate Appeal
Home prices in Portland grow faster than any other part of the United States. Apartment rental in Portland could be compared to major cities such as San Diego, Boston, Miami, Seattle and Los Angeles with single apartments costing between $1300 and $1950 monthly. Recently, over 160,000 apartment units and condos were constructed. Over the past year, housing prices in Portland have risen 2.5% and continue to rise, as the median price went from $391,400 in November 2018 to $415,000 in November 2019. On the bright side, the high cost of housing also goes with a low cost of living, high job opportunity and high-income rate. Average Monthly Net Salary after tax is around $3,774.98, thus making rent affordable. In retrospect, the property market in Oregon is a thriving one.
Explore Portland's Real Estate
Local Real Estate Experts
Attractive Investments In Portland
📍Over 9,793 investors explored Portland