DECEMBER 12TH, 2018

Oregon Mortgages

Nestled above California in the evergreen pacific northwest, Oregon has enjoyed an “Affluence by proxy” effect that has served its economy well. The state has long been a supplier of lumber and other timber products, but has recently experienced a tech boom which has bolstered its economy and increased immigration.

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The influx of workers and the addition of several new industries has grown the housing market considerably, and the state recently experienced a tremendous construction boom in new homes. The 2002 US census showed that Oregon had a total of 1,495,582 housing units. With the major urban centers like Portland and Salem having healthy renters markets, the home ownership rate in the state has traditionally been lower than average. In 2000, the US census showed that Oregon had a 64.3% home ownership rate. The national average for that year was 66.2%. Homes in the state are priced highly, which helps account for the lower home ownership rate as well. The 2000 census showed the median value for owner occupied housing units as $152,100 in Oregon.

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The national average for median value that year was $119,600. With higher than average home prices, there is normally a corresponding rise in median income, however Oregon bucks the trend in this regard. The 1999 census showed median household incomes in Oregon to be $40,916, which was lower than the national average of $41,994, but not by much.

Western Oregon is not the only place that has been seeing rapid growth in the housing market. For the past ten years, Deschutes County has ranked as one of Oregon’s fastest growing counties, as a result the local real estate market has been booming.

The market is offering strong growth and steady appreciation. With the Average residential home sales in 2005 at $334,570 , as compared to average sales of $197,682 in 2000.

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Even in the rural zones near Bend, the average home price in 2005 was $516,453. Located in the forests with great access to outdoor activities, the popular west side of Bend has seen a particularly healthy market, with choice lots and small acreage homes and property sites selling in the range between $250,000 to $2,200,000. The boom looks set to continue through the rest of 2006, if indications from the first quarter are anything to go by.

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