Diverse Housing Options in the Metro Area
Photo by Zack Stack Photo & Design, courtesy Legend Homes
The housing market in Portland is thriving, and your options as a new Portland homeowner are diverse. According to Trulia.com, the average listing price for houses in the city of Portland is $455,000, with the Northwest District and the Southwest Hills coming up as the two most popular neighborhoods to purchase. The average price, per square foot in Portland is $244, which is up 10.5% from 2014.
Portland homes are a great investment, as the value of property continues to increase. As for the availability of Portland homes, homebuilders are still ramping up their efforts to meet the rising demands of newcomers and first-time home buyers.
The competition for homes in Portland is intense, with offers landing well above the asking price, and more and more people showing up with cash in hand to outbid even the most qualified of applicants.
You’ll find charming bungalows and modern high-rises across the city and surrounding suburbs, but building a home on your own one will require some dedication and perseverance.
Tiny Homes and ADUs
As sustainable living becomes an increasingly prevalent topic in today’s society, Portland leads the pack in many urban sustainability movements.
The tiny house movement is no exception. Tiny houses, also called “accessory dwelling units” or “ADUs” were born out of a desire to limit consumption and decrease the environmental impact of homes by building very small houses that optimize space and reject the idea that bigger is better.
Tiny homes are typically 200 to 800 square feet, and they’re becoming increasingly prevalent on the Portland housing market. Not only are Portland residents typically progressive in their sustainability efforts, the city of Portland has made it easier than many cities to place tiny homes on property and reside in them or rent them out, legally.
Portland, unlike most cities, allows for the rental of both the primary property and an ADU built on the property, without the owner residing in either. This is making ADU’s a popular investment for Portland homeowners, who can easily rent them out while complying with the city’s zoning codes.