The Great Oregon Migration

Posted by Gerry Mains on Friday, January 24th, 2014 at 2:20pm.

The state with the greatest inbound moves was Oregon in 2013, with 61% of all moves were people moving into the beautiful west coast state.  The study was released from United Van Lines who has been tracking domestic moves across state boundaries for the last 37th years.  CNN Money covered the news reading “More People Moving to Oregon” gleaming in the headlines.  

Oregon is known for its temperate climate much like California, yet with more affordable home prices.  

The MSA breaks down where the migrations came from from 2007-2010 and overwhelmingly California made up the majority of the mass move to their northern neighbor.

 

 

All graphs are from Oregon.gov

It’s no wonder that Oregon home sales are up by 1.9 billion in 2013 when California and other high cost of living states are flocking to affordable real estate.  27,000 homes were sold during the 2013 market creating one of the hottest buying years in history.

In Oregon the median price of a home rose 12.8% percent up to $265,000.  

Although this number is lower than California whose prices rose 28% to a median cost of $408,600 for a home, there are other markets across the US which are much more affordable than Portland, but we think with much less charm.  The average two family household income for California residents was $61,752 and for Oregon it was $53,941 from November 1, 2012, and March 31, 2013 (according to Department of Justice) which makes Oregon new buyers have their mortgage payments nearly cut in half (price or time).

As the Feds adjust mortgage rates impacting affordability primarily on metro areas of the United States, it will be interesting how Oregon residential developments shuffle to meet the demands of the market with the influx of new residents seeking haven from high prices.

If you are interested in buying a Portland Condo, HIghrises.com has the latest real estate news and knows all the best neighborhoods to fit your needs.

 


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