Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Multnomah County | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $475,728 | $406,286 | $242,182 |
| Price Trend (Annual %) | 8.7% | 10.7% | 8.2% |
| Median Gross Rent | $1,582 | $1,449 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Multnomah County is about 17% higher than in Oregon. Rent is about 9% higher than the Oregon average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Multnomah County, up about 8.7% and 6.6% a year respectively. Home prices are changing faster.
Median rent in Multnomah County rose about 64.2% between 2015 and 2023, from $963 to $1,582. Over the same span, rent in Oregon rose about 59.8%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Multnomah County.
Buying the median-priced home in Multnomah County costs roughly 25.1 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 Multnomah County. The price-to-rent ratio in Oregon is about 23.4.
| Metric | Multnomah County | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $475,728 | $406,286 | $242,182 |
| Median Household Income | $87,216 | $80,923 | $78,145 |
| Price-to-Income Ratio | 5.5 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Multnomah County rose about 89.9%, while median household income rose about 77.3% between 2009 and 2023 — 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 | Multnomah County | Oregon Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.1% | 58.6% | 58.2% |
| Rental Rate | 43.4% | 33.9% | 31.3% |
| Vacancy Rate | 5.5% | 7.5% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Multnomah County has a homeownership rate of 51.1%, lower than the Oregon average of 58.6%. Its housing vacancy rate is 5.5%, compared with 7.5% in Oregon.
Housing Stock
| Metric | Multnomah County | Oregon Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1972 | 1980 | 1978 |
| Median Number of Rooms | 4.9 | 5.4 | 5.5 |
The typical housing unit in Multnomah County was built around 1972. On average, 2.3 people live in a home with about 4.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Multnomah County, Oregon.
What is the median home price in Multnomah County, Oregon?
The median home price in Multnomah County, Oregon is $475,728, higher than the Oregon average of $406,286.
What is the average home price in Multnomah County, Oregon?
The typical home price in %s, reported as the median sale price, is %s. 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 Multnomah County, Oregon?
The median gross rent in Multnomah County, Oregon is $1,582 per month, higher than the Oregon average of $1,449.
What was the median gross rent in Multnomah County in 2020?
In 2020, the median gross rent in Multnomah County, Oregon was $1,309 per month.
What is the price-to-rent ratio in Multnomah County, Oregon?
The price-to-rent ratio in Multnomah County, Oregon is about 25.1, meaning it would take roughly 25.1 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 Multnomah County.
Are home prices or rent rising faster in Multnomah County, Oregon?
Both home prices and rent are rising in Multnomah County, up about 8.7% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Multnomah County, Oregon?
51.1% of households in Multnomah County, Oregon own their home, lower than the Oregon average of 58.6%.
What is the vacancy rate in Multnomah County, Oregon?
The housing vacancy rate in Multnomah County, Oregon is 5.5%, lower than the Oregon average of 7.5%.