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Portland home prices have rapidly increased over the past decade. Prices are still relatively expensive compared to statewide prices across Oregon, which is something all buyers should know when taking out a mortgage with the help of a mortgage lender in Oregon.
So, where can you buy in Portland to help you save some money? The article will outline some of the more affordable neighborhoods in Portland.
Portland, Oregon has been in the news a lot lately for its rapid home-price gains over the past decade. Despite this trend, some neighborhoods in and around the city remain relatively affordable for home buyers.
Here are some of the most affordable neighborhoods in Portland, Oregon, based on median home selling prices over the winter of 2021.
Note: This list is based on median home sales prices reported by the real estate website Zillow as of February 2021.
With a median sales price of $352,608 as of February 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 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 a popular neighborhood in Portland, Oregon, based on the number searches performed on real estate websites. It includes the eight-acre Lynchwood Park and the 25-acre Parklane Park. With a median home selling price of $351,406 over the winter of 2021, 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 $367,348, Glenfair is another one of Portland’s more affordable neighborhoods.
Lents was recently named as one of America’s “up and coming” neighborhoods. In response to this information, 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 $354,771 in February 2021.
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.
We can help. Sammamish Mortgage is serving home buyers and mortgage shoppers in all of Washington, Oregon, Idaho and Colorado, and has been doing so since 1992. We offer a wide variety of mortgage programs, including FHA, VA and conventional. Please contact us with any questions you have about getting approved for a home loan or to get a quote on a rate. We look forward to helping you!
Home buyers in Washington State tend to have a lot of questions when it comes to closing. We’ve answered some of these questions in previous blog posts. Today, we’ll talk about what home buyers can expect during the week.
Down payment percentages are based on the home price. So, a more expensive property will result in a larger upfront investment, with all other things being equal.