What Can You Get For…..
I've seen HDTV shows and other DIY networks produce television programs on "what can I get for…" a certain amount of money in specific areas around the country. What $200,000 could buy you in a rural part of Oregon could barely get you a parking space in New York City. But Portland is growing at an enormous rate and home prices are rising dramatically. Between the $200,000 and $400,000 mark is probably the most saturated real estate market in the Portland area and you can get quite a bit for your money… NOW. But how long will Portland stay affordable?
OregonLive recently wrote an article list of what you can get for around $200,000 in several communities throughout the Portland metro area such as Hillsboro, Gresham, and North Portland. Townhomes are more common in the Gresham area since it's so close to downtown. $200,000 may buy a condominium, smaller townhome, or a fixer-upper single-family residence.
$200,000 in places like Wilsonville, Tigard and Tualatin may provide smaller, under 1000 ft.², single-family homes or condominiums. When you get up into the $300,000 range there are plenty more options available with single-family homes around 1500 ft.² and potentially more depending on the condition of the property. Higher-end townhomes and condominiums may be available in these outlying cities but in downtown Portland and the Pearl District, $300,000 would probably buy a small studio apartment or a one-bedroom condominium. The Pearl District is quickly becoming one of the most high end neighborhoods of the Portland Metro area with condominiums easily reaching nearly $1 million.
In the Beaverton, Laurelhurst and Northwest Portland neighborhoods, $500,000 will purchase a decent four and five bedroom home between 2500 ft.² and 4000 ft.². Many of these homes are brand-new since new subdivisions and developments are expanding beyond the Portland area.
The Northeast Portland area offers a little more affordable options with historical properties and homes starting at around $150,000.
Hovering around the $800,000-$1 million mark, some of our most beautiful custom homes are located in Portland's most luxurious community of Northwest Heights. Many of these homes are specifically designed and may provide 3 to 5 bedrooms, larger lots, custom landscaping, fenced backyards, and private driveways.
However, while we aren't quite at the point where Portland real estate has become unaffordable, the Portland Metro area is forecasted to grow up to 3 million in the next 20 years. Now would be an ideal time to find, finance, and purchase a home that will provide exactly what you need over the next 10 to 20 years.