For the last decade or so, Portland, Oregon has really shot up the charts of booming housing markets in the United States, and there are a lot of good reasons for that. The weather is temperate, the city itself is booming with great restaurants and microbreweries, and tech jobs have brought in all kinds of talented and intelligent people. Put simply, it’s a great place to live, but if you’re looking to move into the area sometime soon, there are a few things you should know as a potential buyer in the Portland area.
#1 It’s Popular Among Millennials
Since it is largely (though not exclusively) tech jobs that are pulling people to Portland, it should come as no surprise that much of the best young talent comes from a pool of Millennials that love everything the town has to offer. Not only that, but there are several colleges and universities within two hours of Portland, making it an ideal landing spot for recent graduates. Portland is both hip and family-friendly, which means residents can love their experience living there now, and they can grow there with families.
#2 It’s Growing… But Can’t Expand
While many people want to move into Portland, not a lot of people are moving out, which means Portland and its suburbs are proving increasingly competitive markets for homebuyers. The city is sandwiched between beautiful mountains, rivers, and forests, and has a very strict Urban Growth Boundary. This means there isn’t a whole lot of room for Portland to expand, which is part of what makes real estate in the area so valuable. The suburbs will continue to sprawl, but the city of Portland itself isn’t likely to add a whole lot of new construction any time soon.
#3 Return on Investment is High
When real estate markets have more interested parties than homes to sell, the return on investment can be quite high. There are renovation opportunities in the area that could prove fairly profitable if done correctly, but even buying a home at full price now could prove a wise investment some years down the road.
#4 More Affordable Alternative to California
Portland’s tech sector is doing a lot for bringing people to the area, just like Silicon Valley in California, but while those home prices are astronomical—to say nothing of the cost of rental properties—Portland offers much more reasonable real estate for many of the same types of jobs.
#5 Work-Life Balance is Ideal
The national average for people telecommuting is only 2.6 percent, but in Portland that number rises up to 7 percent. Combine that with a city where nearly everything is within walking distance, and commutes are shorter and less stressful than in other cities (if those commutes exist at all). It’s a great city for families, not only because the homes and jobs are excellent, but because the town is built to accommodate people who value their lives just as much as their work.
Get In Touch with a Portland Real Estate Expert
The Portland real estate market is booming, and here at DC Lending we want to help prospective buyers find their ideal homes. We are more than happy to introduce you to trustworthy realtors who are experienced and knowledgable. If you need any help in and around Portland, don’t hesitate to reach out to one of our professionals any time.
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