Market conditions suggest that Portland is better positioned than other major cities on the West Coast. As you can see, Portland is still the least expensive major market on the West Coast. And the Home Affordability Index (HAI)—calculated by the National Association of Realtors (NAR)— is also lower than any city besides Sacramento. A value … Continue reading Are we in a housing bubble?
Homeownership provides financial benefit in four areas: Monthly cost difference between renting and owning Appreciation in home value Equity growth over time as loan balance is paid down Tax benefit from the deductibility of mortgage interest The information below is based on historical data for the Portland Metro Area and assumes a 4% appreciation rate, … Continue reading The Financial Benefits of Homeownership
Accessory Dwelling Units (ADUs) are also known as: Ohana Unit (Hawaii) Granny Flat Mother-in-Law Unit In-Law Suite Grand Retreat Homeowners Build ADUs for Many Reasons: Long-term rental: supplemental rental income Short-term rental: Airbnb and VRBO short-term rentals can generate much higher rent than monthly rentals, but require more time to manage Age in Place: Elderly … Continue reading Is an Accessory Dwelling Unit (ADU) Right for You?
According to Rent Jungle, the average rent for a two-bedroom apartment in Portland is $1821 per month. The monthly mortgage payment on a $300k home purchased with five percent down falls within the same monthly payment range. By the time you factor in the tax savings associated with the mortgage interest deduction, the net monthly … Continue reading In Portland, It Now Costs As Much to Rent As to Buy!
Most home buyers have been trained by the media to be highly focused on interest rate. As you will see below, changes in interest rate have less impact than purchase price and property taxes. Property taxes and purchase price have the largest impact on monthly payment, interest rate typically comes third, and homeowner’s insurance has … Continue reading Two Factors That Impact Your Mortgage More Than Interest Rates