Portland, OR – But, according to the statement, disparities persist and rents across the city remain unaffordable for many, despite rising incomes.
On March 22, 2023, the Portland Housing Bureau releases the latest State of Housing in Portland report, which shows continued struggles with affordability in our local housing market, both for renters and prospective homebuyers.
While incomes are rising across the board and the city is becoming more educated and more racially diverse, disparities persist: Portland’s renter households and Communities of Color continue to earn less than their white, homeowning counterparts.
From 2021 to 2022, the average overall asking rent increased by 3.7 percent, and median home sale prices citywide increased 17 percent from 2016, reaching $525,000 in 2021.
Meanwhile, rental vacancy rates have decreased from 6.4 percent in 2021 to 6 percent in 2022.
No neighborhood in Portland is affordable to an average Black household seeking a 2-bedroom unit for rent.
Other BIPOC groups fare somewhat better, but several neighborhoods are out of reach for all ethnic groups, including white households.
Very few neighborhoods are affordable to senior households, and none are affordable for households led by single mothers.
Half of all Portland renters are cost burdened, paying over 30% of their income in rent. 1 in 4 pays over half their income in rent.