CALCMONEY // HOME AFFORDABILITY // OR // PORTLAND
How much house can you afford in Portland? Based on local median home prices, current OR mortgage rates, and Portland property tax data.
$489,000
$2,758/mo
$118,191/yr
$286,819
Monthly housing costs of $2,758 represent 45.3% of Portland's median gross monthly income ($6,083/mo). At 45.3%, median-income buyers in Portland are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $489,000 |
| Down Payment (20%) | $97,800 |
| Loan Amount | $391,200 |
| Monthly PI Payment | $2,550 |
| Monthly Property Tax | $4 |
| Monthly Insurance Est. | $204 |
| Total Monthly PITI | $2,758 |
| Housing Cost % of Income | 45.3% |
| Required Income (28% rule) | $118,191/yr |
| Max Affordable Home | $286,819 |
$17,115
$3,618/mo
Portland Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $489,000 | Portland city median |
| Down Payment (20%) | $97,800 | Conventional loan |
| Monthly PITI | $2,758 | 6.8% rate, 30yr fixed |
| Required Income (28% rule) | $118,191 | Annual gross |
| Max Affordable Home | $286,819 | Based on median income |
| FHA Down (3.5%) | $17,115 | Minimum FHA |
| Housing Cost % of Income | 45.3% | Median income: $73,000/yr |
| Property Tax Rate | 0.0091% | $44/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Portland is $489,000, with a local 30-year mortgage rate of 6.8%. A buyer putting 20% down carries a loan of $391,200, generating a monthly P&I payment of $2,550. Adding property taxes ($4/mo) and homeowners insurance ($204/mo) brings total monthly PITI to $2,758.
Portland's property tax rate of 0.0091% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Portland median home, that is $4/month, or $44 per year.
Oregon levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Portland 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 Portland's median income of $73,000/year can afford up to $1,703/month in total housing costs. Based on Portland's mortgage rate of 6.8% and property tax rate of 0.0091%, that translates to a maximum affordable home price of approximately $286,819 with 20% down on a 30-year loan.
To afford the median Portland home priced at $489,000, you need an annual gross income of approximately $118,191. Total monthly housing costs (principal and interest of $2,550, property taxes of $4, and insurance of $204) come to $2,758/month, which equals 28% of the required income.
At the median home price of $489,000 and median household income of $73,000, the total monthly housing cost of $2,758 represents 45.3% of gross monthly income. This is well above the standard 28% threshold, making Portland a challenging market for buyers at median income.
A conventional 20% down payment on the median Portland home of $489,000 is $97,800. An FHA loan requires just 3.5% down — $17,115 — but adds mortgage insurance of roughly $334/month, bringing total FHA payments to $3,618/month.