Affordable Homes in Portland Oregon
Affordable housing means that the housing costs does not exceed 30% of the household’s gross income. This 30% would include the mortgage principal payments, taxes, and insurance and may also include utility costs. If this monthly cost does not exceed 30% of the income then the housing becomes affordable for that household.
While Portland is not known for the cheapest houses in America, there are several that are very affordable depending on your income and household budget. If you’re unsure of how much that 30% actually relates to in dollars, it’s best to sit down with the lender and talk about your income, your debts, any assets and liabilities to determine what that 30% looks like in real dollars and cents.
Once you have a better idea of how much that 30% is for your household, you can start looking for homes in the Portland area. One of the best things about living in Portland is the abundance of cities and communities surrounding the Portland Metro area. From Beaverton and Lake Oswego, to Hillsboro and Gresham, and even farther South to Wilsonville and Tigard, home prices are all relative get there are several with very affordable mortgage payments and home prices starting even less than $100,000.
Most of the homes that are around the $100,000 marker going to be smaller square footage typically 700 to 900 ft.² and may need plenty of TLC. If you can go a little bit higher around the $130,000 mark you’ll find two bedroom homes around 1000 ft.², many of which are move-in ready. Those with larger square footage or larger lots may need some renovations and remodeling which, if you are approved for more financing, you may take out an additional construction or remodel loan and fix up the home with an additional $50,000 or so.
Around $150,000 are several different kinds of options. You may find 2 to 3 bedrooms around 1000 1300 ft.² that may or may not need repairs. Several of these could be short sales which means there market lower than the market value of the property.
Between $145,000 and $170,000 are a huge number of listings on the market. Many of these will be smaller homes of less than 1500 ft.² and typically 1 to 3 bedrooms. Depending on the condition and the age of the home, they may need work, but not all. Several are move-in ready and may just need some cosmetic upkeep.
Again, affordable is all relative depending on your income. To find out how much that 30% is, give me a call today and let’s sit down and discuss your options with the lender. They can find out exactly how much that 30% means to your budget and then we can discuss affordable housing in Portland Oregon on your terms.
Choosing a home in Portland couldn't be easier and the timing couldn't be better. With dozens of fabulous homes on the market, great deals in short sales and foreclosures, and beautiful downtown condos, Portland offers some of the best real estate around