If you’re thinking about buying a house in Oregon, you’re on track to enjoy the beauty of the Pacific Northwest. However, Oregon is quite a big state and looks a lot different from city to city. Whether you’re enticed by the hipster appeal of Portland or the coastal charm of Cannon Beach, use this as your guide to figure out where you should look, how much you can afford and what you can expect when buying a home in the Beaver State.
How to buy a house in Oregon
Decide where to live in Oregon
Before thinking about how to buy a house in Oregon, you’ll need to think about a more important question: Where should you live in Oregon? Determining your location isn’t just about the price tag attached to a new home. You’ll want to run the numbers of the total cost of living in different parts of the state to get a sense of how much of your monthly budget will go toward transportation, food, utilities and other essentials.
Finding the right place can feel overwhelming — after all, there are loads of picturesque places to consider here, whether you prefer ocean views, deep forests or big cities. So start with Bankrate’s list of the best metro areas in Oregon.
You’ll need a realistic idea of how much you want to spend on a home, too. Home prices vary widely across the state. In Salem, for example, the median selling price is $437,000, according to data from Redfin. Drive 130 miles southeast to Bend, though, and it’s a different story: The median home price there is a much higher $755,500.
Tips for buying a house in Oregon
Like nearly everywhere else in the U.S., housing prices in Oregon have increased throughout the pandemic. Statewide, the median sale price is $527,600. While that’s higher than the national median, you can still afford a home in Oregon without having to cross into jumbo/non-conforming loan territory. Across the Beaver State, the conforming loan limit is $647,200 for a conventional loan in 2022. If you’re looking for an FHA loan, the limit is lower and varies from county to county.
Things to know about buying a house in Oregon
- Property taxes: Beyond just purchasing the home itself, you’ll also need to determine how much you will pay in property taxes each year. Oregon’s property tax rates vary by county. For example, the most recent data from the Oregon Department of Revenue shows that homeowners in Multnomah County, where Portland is, pay $22.05 per $1,000 of assessed value. Meanwhile homeowners in coastal Curry …….