Portland, OR

Rent vs buy in Portland

Median home $526,500. A 1 bedrooms rents for $1,417 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,417; per month
Own the median home: $3,544; P&I, tax, insurance, upkeep
Owning costs extra: $2,127; per month, same metro

What a purchase actually costs

20% down payment$105,300
Mortgage at 6.5%$2,662
Property tax (0.91% of value)$399/mo · $4,791/yr
Insurance and upkeep (1.1%/yr)$483
Total monthly ownership$3,544

Census ACS 2023: 49.4% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,329 left over a month, it takes about 46 months (3.8 years) to save $105,300 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.