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State post-recession home values fell 11%

November 18, 2013

psu-portland-stateStatistics from Portland State University shed light on Oregon’s post-recession housing values
John Kirkland
Portland State University

Oregon’s median housing value and home ownership rate were both significantly lower during the three-year period from 2010 to 2012 compared to the three years prior, according to statistics released today by the U.S. Census Bureau and its Oregon data dissemination partner, Portland State University’s (PSU) Population Research Center. These latest statistics are part of the Census Bureau’s American Community Survey and are available for all areas in the United States with populations of 20,000 or more. Demographic, housing, social, and economic characteristics are available from the Census Bureau’s American FactFinder. The survey gives a snapshot of home ownership in the period immediately following the recession compared with the three years that came before. The post-recession median home ownership rate in Oregon was 61.6 percent — a decrease from 63.9 percent from 2007-2009, the survey showed. The state’s median home value was $233,900, down from $263,200 in 2007-2009 — a drop of more than 11 percent.

Most other states in the country also recorded significantly lower home values and homeownership rates during the 2010 to 2012 period.

Other Oregon statistics showed:

– A higher percentage of renters paid 35 percent or more of their household incomes on gross rent during the post-recession period: 45.6 percent compared to 41.5 percent. The 35 percent of income figure is commonly cited as the threshold for unaffordable housing.
– At the same time, the costs of owning a home with a mortgage went down from a median of $1,687 in 2007-2009 to $1,594 in 2010-2012. Some examples of costs include mortgages, real estate taxes, insurance, utilities, fuels, mobile home costs and condominium fees.
– The median costs for homeowners without a mortgage rose slightly during the post-recession, from $445 to $452 per month.

The Population Research Center is the lead agency in Oregon’s State Data Center (SDC), a cooperative program between the states and the Census Bureau. The SDC was created in 1978 to make data available locally to the public through a network of state agencies, universities, libraries, and regional and local governments.

Statistics in the American Community Survey give communities the current information they need to plan investments and services. Retailers, homebuilders, police departments and town and city planners are among the many private- and public-sector decision makers who count on these annual results.

For more information, contact Charles Rynerson at PSU’s Population Research Center at 503-725-5157, or the Census Bureau Regional Office at 800-992-3530.

About Portland State University (PSU)

Located in Portland, Oregon, PSU has about 30,000 undergraduate and graduate students. PSU’s motto is “Let Knowledge Serve the City,” and we provide every student with opportunities to work with businesses, schools and organizations on real-world projects. Our downtown campus exhibits PSU’s commitment to sustainability with green buildings, while sustainability is incorporated into much of the curriculum.

  
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