CALCMONEY // HOME AFFORDABILITY // OR // GRESHAM
How much house can you afford in Gresham? Based on local median home prices, current OR mortgage rates, and Gresham property tax data.
$398,000
$2,589/mo
$110,970/yr
$196,471
Monthly housing costs of $2,589 represent 47.8% of Gresham's median gross monthly income ($5,417/mo). At 47.8%, median-income buyers in Gresham are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $398,000 |
| Down Payment (20%) | $79,600 |
| Loan Amount | $318,400 |
| Monthly PI Payment | $2,118 |
| Monthly Property Tax | $305 |
| Monthly Insurance Est. | $166 |
| Total Monthly PITI | $2,589 |
| Housing Cost % of Income | 47.8% |
| Required Income (28% rule) | $110,970/yr |
| Max Affordable Home | $196,471 |
$13,930
$3,298/mo
Gresham Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $398,000 | Gresham city median |
| Down Payment (20%) | $79,600 | Conventional loan |
| Monthly PITI | $2,589 | 7% rate, 30yr fixed |
| Required Income (28% rule) | $110,970 | Annual gross |
| Max Affordable Home | $196,471 | Based on median income |
| FHA Down (3.5%) | $13,930 | Minimum FHA |
| Housing Cost % of Income | 47.8% | Median income: $65,000/yr |
| Property Tax Rate | 0.92% | $3,662/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Gresham is $398,000, with a local 30-year mortgage rate of 7%. A buyer putting 20% down carries a loan of $318,400, generating a monthly P&I payment of $2,118. Adding property taxes ($305/mo) and homeowners insurance ($166/mo) brings total monthly PITI to $2,589.
Gresham's property tax rate of 0.92% is near the national average, adding a standard increment to monthly housing costs. On the Gresham median home, that is $305/month, or $3,662 per year.
Oregon levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Gresham should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Gresham's median income of $65,000/year can afford up to $1,517/month in total housing costs. Based on Gresham's mortgage rate of 7% and property tax rate of 0.92%, that translates to a maximum affordable home price of approximately $196,471 with 20% down on a 30-year loan.
To afford the median Gresham home priced at $398,000, you need an annual gross income of approximately $110,970. Total monthly housing costs (principal and interest of $2,118, property taxes of $305, and insurance of $166) come to $2,589/month, which equals 28% of the required income.
At the median home price of $398,000 and median household income of $65,000, the total monthly housing cost of $2,589 represents 47.8% of gross monthly income. This is well above the standard 28% threshold, making Gresham a challenging market for buyers at median income.
A conventional 20% down payment on the median Gresham home of $398,000 is $79,600. An FHA loan requires just 3.5% down — $13,930 — but adds mortgage insurance of roughly $272/month, bringing total FHA payments to $3,298/month.