PORTLAND, Ore. — Anyone looking to find an affordable home in Portland better bring a six-figure salary.
More specifically, to afford a home in the 97210 ZIP code in Northwest Portland, which includes Forest Park, you would need an annual income of $212,041, based on median home values of $868,928.
Or on the other end of the affordability spectrum, try 97233 in Southeast Portland, where an annual income of $107,931 affords you entry to a neighborhood with a median home value of $413,236.
Affordability in this case is based on the real estate industry standard of a mortgage payment as within 30% of pretax monthly income. And as median home values rise in the Portland metro area, and mortgage interest rates climb, so do the incomes needed to meet that standard.
The Portland Business Journal took data from Zillow on median home values in ZIP codes across the United States and organized it in a searchable database for Oregon and southwest Washington. To search the data, visit the Business Journal website.
According to the data, in Beaverton, incomes range from $135,896 to afford a home at the median price of $520,302 in the Aloha area to $167,203 for a $640,348 home in the neighboring Hazeldale and Southwest Neighbors areas.
In Lake Oswego, which includes two ZIP codes, buyers would need $189,953 to afford a $777,847 median home or as much as $285,966 to afford a median home of $1,171,015 in the lakeside ZIP code.
The Portland Business Journal, a KGW news partner, has more analysis as well a database that indicates how much income is needed to purchase homes throughout the state. The rest of the story is here.
Correction: An earlier version of a subheadline for this article incorrectly reported the median home value in the 97210 ZIP code in Northwest Portland.