The cost of housing in Multnomah County has increased 26 percent over the last year — according to a new report from the housing data company RealtyTrac.
The price tag on a median three-bedroom home in Multnomah County jumped from about $222,000 to $255,000. The average cost of a 30-year mortgage also increased by about a percentage point.
RealtyTrac vice president Daren Blomquist says all told, the cost of paying for that home jumped from about $960 a month to about $1,200. “We’ve seen this nice bounce back recovery for 2013,” he said.
“But for that to continue I don’t think we can continue to see the home price increases that have happened over the past year, otherwise affordability will get out of reach.”
Blomquist says to rent that same three-bedroom home in Multnomah County is about $1,300 a month - higher than monthly ownership costs.
But in some areas, like King County, Washington, renting is cheaper.
Washington and Oregon data
Complete county data