Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Oregon cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Oregon is worth $423,100. But across the 26 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $282,000 to over $800,000.

In any local market, home prices are often a reflection of what residents can afford. In Oregon, many of the least expensive cities for homebuyers are not high-income areas. Of the 26 places in Oregon with available data from the ACS, 11 have a median home value that is less than the statewide median. In each of these places, the typical household earns less than the statewide median household income of $76,632. Similarly, most of Oregon’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Oregon.

26. Woodburn

• Median home value: $281,900
• Homes worth over $1 million: 0.5%
• Homeownership rate: 66.1%
• Median household income: $58,916
• Total population: 26,222

25. Springfield

• Median home value: $293,200
• Homes worth over $1 million: 0.3%
• Homeownership rate: 54.0%
• Median household income: $60,982
• Total population: 61,740

24. Albany

• Median home value: $321,600
• Homes worth over $1 million: 0.4%
• Homeownership rate: 60.2%
• Median household income: $69,777
• Total population: 56,348

23. Grants Pass

• Median home value: $331,700
• Homes worth over $1 million: 1.9%
• Homeownership rate: 55.1%
• Median household income: $53,941
• Total population: 39,131

22. Salem

• Median home value: $349,500
• Homes worth over $1 million: 0.7%
• Homeownership rate: 54.9%
• Median household income: $67,540
• Total population: 175,754

21. Medford

• Median home value: $355,600
• Homes worth over $1 million: 0.9%
• Homeownership rate: 54.7%
• Median household income: $65,647
• Total population: 85,539

20. Keizer

• Median home value: $363,600
• Homes worth over $1 million: 0.3%
• Homeownership rate: 63.2%
• Median household income: $75,753
• Total population: 39,122

19. McMinnville

• Median home value: $365,300
• Homes worth over $1 million: 0.1%
• Homeownership rate: 61.5%
• Median household income: $65,318
• Total population: 34,432

18. Redmond

• Median home value: $379,600
• Homes worth over $1 million: 0.6%
• Homeownership rate: 64.2%
• Median household income: $72,798
• Total population: 34,191

17. Eugene

• Median home value: $406,000
• Homes worth over $1 million: 2.4%
• Homeownership rate: 47.8%
• Median household income: $61,481
• Total population: 176,755

16. Gresham

• Median home value: $411,700
• Homes worth over $1 million: 0.8%
• Homeownership rate: 55.3%
• Median household income: $69,437
• Total population: 113,525

15. Newberg

• Median home value: $426,600
• Homes worth over $1 million: 0.0%
• Homeownership rate: 63.4%
• Median household income: $87,873
• Total population: 25,379

14. Corvallis

• Median home value: $436,000
• Homes worth over $1 million: 0.7%
• Homeownership rate: 41.0%
• Median household income: $61,610
• Total population: 60,050

13. Aloha

• Median home value: $436,500
• Homes worth over $1 million: 0.3%
• Homeownership rate: 66.7%
• Median household income: $90,533
• Total population: 53,532

12. Forest Grove

• Median home value: $438,500
• Homes worth over $1 million: 0.9%
• Homeownership rate: 62.2%
• Median household income: $77,977
• Total population: 26,160

11. Hillsboro

• Median home value: $452,300
• Homes worth over $1 million: 0.7%
• Homeownership rate: 50.5%
• Median household income: $98,891
• Total population: 106,612

10. Oregon City

• Median home value: $473,900
• Homes worth over $1 million: 0.9%
• Homeownership rate: 65.3%
• Median household income: $90,174
• Total population: 37,418

9. Beaverton

• Median home value: $494,700
• Homes worth over $1 million: 1.3%
• Homeownership rate: 50.3%
• Median household income: $88,899
• Total population: 97,554

8. Portland

• Median home value: $523,100
• Homes worth over $1 million: 6.7%
• Homeownership rate: 53.3%
• Median household income: $85,876
• Total population: 646,101

7. Tigard

• Median home value: $525,100
• Homes worth over $1 million: 2.8%
• Homeownership rate: 62.2%
• Median household income: $101,354
• Total population: 55,161

6. Tualatin

• Median home value: $548,900
• Homes worth over $1 million: 0.4%
• Homeownership rate: 55.1%
• Median household income: $105,542
• Total population: 27,804

5. Wilsonville

• Median home value: $549,100
• Homes worth over $1 million: 1.8%
• Homeownership rate: 50.6%
• Median household income: $83,210
• Total population: 25,992

4. Bend

• Median home value: $576,900
• Homes worth over $1 million: 11.5%
• Homeownership rate: 61.2%
• Median household income: $82,671
• Total population: 99,442

3. Bethany

• Median home value: $669,200
• Homes worth over $1 million: 8.9%
• Homeownership rate: 68.7%
• Median household income: $156,512
• Total population: 30,983

2. West Linn

• Median home value: $677,500
• Homes worth over $1 million: 9.5%
• Homeownership rate: 83.4%
• Median household income: $134,116
• Total population: 27,167

1. Lake Oswego

• Median home value: $825,000
• Homes worth over $1 million: 30.7%
• Homeownership rate: 70.1%
• Median household income: $127,252
• Total population: 40,457

Rank	Places in Oregon with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Lake Oswego	825,000	70.1	127,252	40,457
2	West Linn	677,500	83.4	134,116	27,167
3	Bethany	669,200	68.7	156,512	30,983
4	Bend	576,900	61.2	82,671	99,442
5	Wilsonville	549,100	50.6	83,210	25,992
6	Tualatin	548,900	55.1	105,542	27,804
7	Tigard	525,100	62.2	101,354	55,161
8	Portland	523,100	53.3	85,876	646,101
9	Beaverton	494,700	50.3	88,899	97,554
10	Oregon City	473,900	65.3	90,174	37,418
11	Hillsboro	452,300	50.5	98,891	106,612
12	Forest Grove	438,500	62.2	77,977	26,160
13	Aloha	436,500	66.7	90,533	53,532
14	Corvallis	436,000	41.0	61,610	60,050
15	Newberg	426,600	63.4	87,873	25,379
16	Gresham	411,700	55.3	69,437	113,525
17	Eugene	406,000	47.8	61,481	176,755
18	Redmond	379,600	64.2	72,798	34,191
19	McMinnville	365,300	61.5	65,318	34,432
20	Keizer	363,600	63.2	75,753	39,122
21	Medford	355,600	54.7	65,647	85,539
22	Salem	349,500	54.9	67,540	175,754
23	Grants Pass	331,700	55.1	53,941	39,131
24	Albany	321,600	60.2	69,777	56,348
25	Springfield	293,200	54.0	60,982	61,740
26	Woodburn	281,900	66.1	58,916	26,222

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