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slides: What Jobs You Would Need to Afford These 25 Portland Neighborhoods

Monday, December 15, 2014

 

The cost of living in Portland varies greatly by neighborhood.

The average cost to buy a home is East Portland's Centennial neighborhood at $161,000, while the average home price in Forest Park runs $721,500, according to data released by Portland Monthly.

Despite recent growth city-wide, the price of a home is decreasing in some areas, like Lents, which experienced a $38,000 decrease in median home prices over the last five years.

"A lot of the business coming into Portland are coming in on the West side of town," Portland-area real estate developer Jeff Nelson said. "Out of the east side of the river, you're typically going to get a lot more value as far as space."

Portland's housing market is riding an economic boom, according to realtors. An estimated 25,500 people moved to the Portland metro area in 2013, with approximately 28,000 people moving to the city per year, every year since 2011.

“It’s a super fun place to be,” Portland-area property manager Joshua Russell said of the city’s soaring reputation as a new mecca for new college grads and young professionals. “You can walk out your front door on certain streets and be somewhere in five minutes.”

Although it's referred to in pop culture as 'the city where young people go to retire,' Portland, and Oregon, is home to a number of high-salary, skilled workers, according to the Bureau of Labor Statistics. 

The jobs required for a person to afford a house in Portland, also varies by neighborhood.

HSH.com, an online mortgage and consumer loan information website, calculated how much someone would have to earn in order to buy a home in the largest 25 metro areas around the country. To do so, they calculated the annual before-tax income required to cover the mortgage's principal, interest, tax and insurance payment.

"We used standard 28 percent 'front-end' debt ratios and a 20 percent down payment subtracted from the median-home-price data to arrive at our figures," the report stated. "Loans with less than a 20 percent down payment will incur mortgage insurance, which would in turn increase the required salary."

Based on the HSH estimations and the Bureau of Labor Statistics, GoLocalPDX created a loose outline of which careers a Portlander could work in order to afford a home in a given neighborhood.

SEE SLIDESHOW BELOW: What Jobs You Would Need to Afford These 25 Portland Neighborhoods

These are 'loose' estimations based off a 30-year fixed mortgage rate of 4.28 APR and the average home price in a given neighborhood. It's not an exact science - many homes can be purchased for different prices by people earning a diverse range of rages. It should be noted that property taxes vary by property and by neighborhood. If a person's personal debt exceeds 8 percent, the salary requried to buy a home would increase.

Homeowners in Portland pay shocking different amounts for property taxes for homes with similar value. 

There are also a number of details specific to an individual property or buyer that can effect the price of a home, realtors said.

Here are some jobs that could possibly allow you to afford a home in 25 Portland Neighborhoods:

 

Related Slideshow: What Jobs You Would Need to Afford These 25 Portland Neighborhoods

Prev Next

Homestead

Fashion Designer

Average Home Price:

$315,550

Median Monthly Rent:

$980 

Fashion Designer:

$63,500

Location

Southwest Hills

Prev Next

Buckman

Registered Nurse

Average Home Price:

$388,441

Median Gross Rent

$768

Mean Annual Salary for a Registered Nurse:

$80,400

Location:

Hawthorne- Inner Southeast

Prev Next

Mt. Tabor

College Chemistry Teacher

Average Home Price:

$418,900

Median Gross Rent:

$951

Mean Annual Salary for a Post-Secondary Chemistry Teacher:

$92,400

Location

Central Southeast

Prev Next

Montavilla

Insurance Sales Agent

Average Home Price:

$224,000

Median Gross Rent:

$981

Mean Salary of an Insurance Sales Agent:

$61,500

Location

East Portland

Prev Next

Sellwood Moreland

Criminal Investigator

Average Home Price:

$384,700

Median Gross Rent:

$858

Mean Salary for a Criminal Investigator:

$76,000

Location

Far South, Southeast

Prev Next

Brentwood-Darlington (SE)

Postal Service Mail Carrier

Average Home Price:

$194,745

Median Gross Rent:

$1,052

Mean Average Salary for a Mail Carrier:

$50,070

Location

East Portland

Prev Next

Centennial (East)

Agricultural and Food Science Technician

Average Home Price:

$161,110

Median Gross Rent:

$855

Mean Average Salary for a Commerical Pilot:

$37,000

Location

East Portland

Prev Next

Cully (Mid Northeast)

Tax Examiner and Collector

Average Home Price:

$223,900

Median Gross Rent:

$810

Average Salary of Tax Examiners and Collectors:

$53,000

Location

Mid- Northeast Portland

Prev Next

Concordia (NE Portland)

FInancial Examiner

Average Home Price:

$361,170

Median Gross Rent:

$1,180

Average Salary of a Financial Examiner:

$74,000

Location

Northeast Portland

Prev Next

Irvington (Inner NE)

Financial Manager

Average Home Price:

$600,800

Median Gross Rent:

$1,158

Average Salary of a Financial Manager:

$106,000

Location

Inner Northeast

Prev Next

Boise (Inner North)

Civil Engineer

Average Home Price:

$387,280

Median Gross Rent:

$949

Average Salary of a Civil Engineer:

$81,000

Location

Mississippi Ave./Williams Ave. - Inner North

Prev Next

Humboldt (Inner North)

Microbiologist

Average Home Price:

$355,880

Median Gross Rent:

$832

Average Salary of a Microbiologist:

$74,000

Location

North Killingsworth/Williams Ave -- Inner North

Prev Next

Overlook

Computer Programmer

Average Home Price:

$317,000

Median Gross Rent:

$795

Average Salary of a Computer Programmer:

$72,500

Location

Interstate Ave. - Inner North

Prev Next

Pearl

Chemical Engineer

Average Home Price:

$488,000

Median Gross Rent:

$1,088

Average Salary of a Chemical Engineer:

$84,000

Location

Inner Northwest 

Prev Next

Portmouth

Interior Designer

Avrage Home Price:

$227,000

Median Gross Rent:

$856

Average Salary of an Interior Designer:

$53,000

Location

North Portland Peninsula

Prev Next

St. Johns

Media / Communications Worker

Average Home Price:

$206,000

Gross Median Rent:

$1,023

Average Salary of a Media / Communications Worker:

$52,000

Prev Next

Hayhurst

Supervisor of Corrections Officers

Average Home Price:

$336,000

Gross Median Rent:

$1,068

Average Salary of a Corrections Officer Supervisor:

$74,000

Location

Far North Portland

Prev Next

Forest Park

Pharmacist

Average Home Price:

$721,500

Gross Median Rent:

$1,390

Average Salary for a Pharmacist:

$119,000

Location

Far Northwest Portland Hills

Prev Next

Lents

Auto Mechanic

Average Home Price:

$171,000 

Gross Median Rent:

$900

Average Salary of an Auto Mechanic:

$41,000

Location:

East Portland

Prev Next

Kerns

Architect

Average Home Price:

$358,000

Gross Median Rent:

$784

Average Salary of an Architect:

$73,000

Location

Inner Northeast

Prev Next

Hazelwood

Train Engineer

Average Home Price

$182,000

Gross Median Rent:

$884

Location

Average Salary of a Train Engineer:

$47,000

East Portland

 

Prev Next

Oldtown / Chinatown

Mental Health Counselor

Average Home Price:

$210,000

Gross Median Rent:

$829

Location

Average Salary of a Mental Health Counselor:

$51,000

Inner Northwest

Prev Next

South Portland

Psychologist

Average Home Price:

$421,000

Gross Median Rent:

$1,269

Location

Average Salary of a Psychologist:

$93,500

Inner Southwest 

Prev Next

Brooklyn

Accountant / Auditor

Average Home Price:

$318,000

Gross Median Rent:

$924

Average Salary for an Accountant

$64,000

Location:

Inner Southeast 

Prev Next

Madison South

Exercise Psychologist

Average Home Price:

$214,000

Gross Median Rent:

$1,000

Average Salary of an Exercise Psychologist:

$51,500

Location:

East Portland

(photo- Axcordion CC)

 
 

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