Portland, Oregon has been in the news a lot lately for its rapid home-price gains. Earlier this year, Portland saw the biggest year-over-year increase of any city in the Case-Shiller Home Price Index.
Despite this trend, some neighborhoods in and around the city remain relatively affordable for hoe buyers. Here are some of the most affordable neighborhoods in Portland, Oregon, based on median home selling prices over the summer of 2016.
Affordable Portland, Oregon Neighborhoods for Home Buyers
Note: This list is based on median home sales prices reported by the real estate listings website Trulia, for the four-month period of June to September 2016. Pricing figures were not available for some neighborhoods at the time this list was created.
With a median sales price of $240,000 between June and September of this year, Powellhurst-Gilbert is one of the most affordable neighborhoods in Portland. According to the neighborhood’s website, this community boasts “tremendous cultural and ethnic diversity” and is close to some of the best natural assets the city has to offer. Good schools, abundant greenery, and large lots attract home buyers to this relatively affordable Portland, Oregon neighborhood.
Pleasant Valley: $254,900
Pleasant Valley is located in the southeastern part of Portland. According to the city’s website, homeowners in the Pleasant Valley neighborhood enjoy beautiful surroundings and “opportunities to explore Johnson Creek watershed and other natural areas,” all within a short distance from downtown. Pleasant Valley is also located near some popular parks and outdoor spaces, such as Powell Butte Nature Park and the Springwater Corridor.
Centennial is the second-most popular neighborhood in Portland, Oregon, based on the number of Trulia searches performed from June to September 2016 (it was outranked only by the popular Brentwood-Darlington neighborhood). It includes the eight-acre Lynchwood Park and the 25-acre Parklane Park. With a median home selling price of $255,600 over the summer of 2016, Centennial is also one of the more affordable neighborhoods for Portland home buyers.
The Glenfair neighborhood is located on the city’s eastern border, where it meets Gresham, Oregon. It surrounds Glenfair Park, which offers five acres of open space and hosts many community events year-round. With a median sales price of $257,500, Glenfair is another one of Portland’s more affordable neighborhoods.
Last year, Lents was singled out by Thrillist.com as one of America’s “up and coming” neighborhoods. In response to that article, neighborhood association president Jesse Cornett said: “I think it’s exciting. We’ve been working toward this for a long time.” The City of Portland called it the crossroads of the Eastside, and a “thriving, diverse community.” At nearly four square miles, Lents is one of the largest neighborhoods in Portland. It’s also one of the most affordable. Lents had a median sales price of $264,500 from June to September of 2016.
Need a Mortgage Loan to Buy a Home?
Do you need a mortgage loan to buy a home in Portland, Oregon. We can help. Sammamish Mortgage has been serving home buyers and mortgage shoppers in the Pacific Northwest for more than 20 years. We offer a wide variety of loan programs, including FHA, VA and conventional.
Please contact us with any questions you have about getting approved for a home loan, or to receive a rate quote. We look forward to helping you.
Disclaimers: This article includes third-party data that are deemed reliable but not guaranteed. Price trends were not available for some Portland neighborhoods. Home values change constantly. For the latest sales prices and affordability rankings, check out the major property listing websites or speak with a Portland real estate professional.