How much do homebuyers need to earn to buy a typical house in Portland? New Zillow report released
PORTLAND, Ore. (KOIN) – A new report from Zillow shows a sharp rise in the income Portlanders need to earn for a “typical” home in the city — showing a $65,000 increase from 2020.
In 2020, Portlanders needed to earn $95,960 to afford a typical home, according to Zillow. The median income for Portlanders at that time was $77,987 with monthly mortgage payments at $1,871, Zillow says.
Since then, the needed income for a typical home in Portland has soared.
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In 2024, Portlanders need to earn $161,624 to afford a typical home, according to Zillow.
The median income in Portland is around $96,137 with monthly mortgage payments at $3,374, Zillow says.
In 2020 and 2024, Portlanders have needed to earn a higher income for a typical home compared to national data from Zillow.
In 2020, the income needed to afford a typical home in the United States was $59,046. At this time, the median income in the U.S. was $65,925 with homeowners paying $1,114 for mortgage payments, according to Zillow.
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In 2024, U.S. homebuyers need to earn $106,536 for a typical home — marking a more than $47,000 increase from 2020.
The median income for homeowners nationwide is $81,216 with monthly mortgage payments at $2,188, according to Zillow.
Zillow calculated mortgage payments assuming a 10% down payment — including principal and interest.
To determine needed income to comfortably afford a home, Zillow included estimates for insurance, property taxes, and annual maintenance costs.
Additionally, Zillow says they used actual income data from 2022 and estimated 2024 median income.
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