Happy Valley, Oregon Housing Market Prices
Happy Valley Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 83% above the Oregon median$743,750
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Median rent 31% above the Oregon median$1,991
Housing Market Overview
| Metric | Happy Valley | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $743,750 | $406,603 | $248,835 |
| Price Trend (Annual %) | 7.8% | 9.4% | 7.5% |
| Median Gross Rent | $1,991 | $1,525 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Happy Valley is about 83% higher than in Oregon. Rent is about 31% higher than the Oregon average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Happy Valley, up about 7.8% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Happy Valley rose about 68.0% between 2015 and 2024, from $1,185 to $1,991. Over the same span, rent in Oregon rose about 68.2%.
Affordability
On average, housing unit costs 6.4 yearly household incomes in Happy Valley.
Buying the median-priced home in Happy Valley costs roughly 31.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Happy Valley. The price-to-rent ratio in Oregon is about 22.2.
| Metric | Happy Valley | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $743,750 | $406,603 | $248,835 |
| Median Household Income | $116,405 | $83,617 | $80,455 |
| Price-to-Income Ratio | 6.4 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Happy Valley rose about 113.3%, while median household income rose about 33.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Happy Valley | Oregon Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.8% | 58.6% | 58.5% |
| Rental Rate | 23.3% | 33.9% | 31.2% |
| Vacancy Rate | 3.9% | 7.5% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Happy Valley has a homeownership rate of 72.8%, higher than the Oregon average of 58.6%. Its housing vacancy rate is 3.9%, compared with 7.5% in Oregon.
Housing Stock
| Metric | Happy Valley | Oregon Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.87 people | 2.41 people | 2.53 people |
| Median Structure Built Year | 2002 | 1980 | 1978 |
| Median Number of Rooms | 6.6 | 5.3 | 5.5 |
The typical housing unit in Happy Valley was built around 2002. On average, 2.9 people live in a home with about 6.6 rooms, staying for about 12.0 years on average.
Happy Valley, OR Housing Compared With Nearby Cities
How Happy Valley, OR compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Happy Valley, OR | 28,380 | $743,750 #1/2 | $1,991 #1/2 | 75.8% #1/2 |
| Gresham, OR | 105,972 | $336,645 | $1,580 | 53.9% |
Frequently Asked Questions
Common questions about the housing market in Happy Valley, Oregon.
What is the median home price in Happy Valley, Oregon?
The median home price in Happy Valley, Oregon is $743,750, higher than the Oregon average of $406,603.
What is the average home price in Happy Valley, Oregon?
The typical home price in Happy Valley, Oregon, reported as the median sale price, is $743,750. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Happy Valley, Oregon?
The median gross rent in Happy Valley, Oregon is $1,991 per month, higher than the Oregon average of $1,525.
What was the median gross rent in Happy Valley in 2020?
In 2020, the median gross rent in Happy Valley, Oregon was $1,592 per month.
What is the price-to-rent ratio in Happy Valley, Oregon?
The price-to-rent ratio in Happy Valley, Oregon is about 31.1, meaning it would take roughly 31.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Happy Valley.
Are home prices or rent rising faster in Happy Valley, Oregon?
Both home prices and rent are rising in Happy Valley, up about 7.8% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Happy Valley, Oregon?
72.8% of households in Happy Valley, Oregon own their home, higher than the Oregon average of 58.6%.
What is the vacancy rate in Happy Valley, Oregon?
The housing vacancy rate in Happy Valley, Oregon is 3.9%, lower than the Oregon average of 7.5%.
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