Best Counties in Oregon for Buying a Home
Although Empower Capital Group is based in California, we work with home buyers throughout Washington and Oregon as well as the Golden State. Did you know Oregon is consistently ranked among “best of” lists? Just last year, Oregon was ranked the sixth best state to live in by CNBC. In 2014, NerdWallet ranked Portland, Oregon 16th best city for quality of life in a list of the 100 largest U.S. cities. The state’s beautiful scenery, ample recreational opportunities, great schools, and culturally diverse population all contribute to Oregon’s appeal. But Oregon is also a great state to be a homeowner, thanks to relatively affordable home prices and healthy economics. Parts of the Beaver State struggle with overcrowding and limited job opportunities due to a large influx from transplants over the last decade (Portland, comes immediately to mind); however, there are many other parts of this beautiful state that are worthy of attention.
Clatsop County Ranked No. 1 Best Place to Buy a Home in Oregon
Last year, SmartAsset, a cheekily-named financial technology company created a database of the best places to buy a home in the country. If you visit their database, you can narrow down the search by state. For Oregon, coastal cities dominated the list. Coming in at No. 1 is Clatsop County, home to Cannon Beach, Seaside and Astoria. At the opposite end of the list in the No. 10 spot is Lincoln County, home to Lincoln City, Newport and Depot Bay.
The methodology for the study involved using stats from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau 2014 American Community Survey to determine the cost of renting vs. buying in each county.
In 10th place Lincoln County, the average monthly mortgage payment is $815 and the average monthly rent is $1,291. With an average home price of $201,086, the amount of time it would take the average buyer to break even on a home purchase would be 3.5 years.
By contrast, Clatsop County in 1st place had an average monthly mortgage payment of $843 and an average monthly rent of $1,217. With an average home price of $207,961, the average buyer would break even on their home purchase in 3.1 years.
Other Counties that Made the Cut
Several other great Oregon counties were recognized on the top 10 list. Coming in second was Yamhill County, home to McMinnville, Newberg and Dundee. Here, the average monthly mortgage payment is just over $1,000 while the average monthly rent is $1,462. With the average home price at $247,020, it would take the average buyer 3.1 years to break even on their home purchase.
Here are the other Oregon counties that appeared in the rankings:
No. 3 – Curry County
No. 4 – Douglas County
No. 5 – Coos County
No. 6 – Tillamook County
No. 7 – Josephine County
No. 8 – Klamath County
No. 9 – Linn County
Oregon Home Financing
If you’re interested in purchasing a home in any of the above counties, please give us a call. We are licensed in the state of Oregon and are happy to assist current Oregon residents buy a home, or those relocating from out of state.
Ready to learn about finding a mortgage for your Oregon home purchase? Call (707) 522-1887 to connect with one of our mortgage experts and request a free rate quote.