2024 State of Housing in Portland Report Shows Housing Costs Continuing to Outpace Incomes

The Portland Housing Bureau released the 2024 State of Housing in Portland Report, which reveals ongoing affordability challenges for residents. The report shows that the median homeowner income stands at $126,117, nearly double that of the median renter income of $58,946, highlighting significant disparities. Average asking rents increased by 3. 3% from 2023 to 2024, and the vacancy rate reached 8. 8%, indicating a tightening market.

Mayor Keith Wilson emphasized the value of long-term data in informing housing policy. The report includes detailed analyses of newly created Council Districts, showing District 4 has the highest median home sale price at $625,000. It also reveals that only dual-income households can afford to buy homes in any district. Furthermore, the City’s Homeownership Development Incentives programs have benefitted 1,091 households, with an average annual tax savings of $3,500. The report draws data from sources including the US Census Bureau and CoStar's market survey data.