The real estate market in Oregon is one of the most dynamic in the United States. This is due to a couple of major reasons, one unfortunate and another not so unfortunate. Unfortunately for many, the US housing crisis has hit Oregon harder than it has hit other parts of the country. However, the positive side of the coin is that the very low personal income tax in Oregon has led to a larger number of people moving to the state. This has created a perfect storm of sorts for people looking to rent or buy homes. You don’t just have to buy an expensive home at the regular value. There are also a number of bank-owned properties that can often be bought for a fairly low price.
Buying a Home in Oregon
There are a couple of important housing markets that you should keep in mind if you are interested in buying real estate in Oregon. These important markets are vacation homes and permanent residential homes. Both of them come with their own positive and negative aspects that you should carefully weigh before investing in real estate in Oregon.
Vacation homes are a very popular real estate purchase in Oregon. This is because Oregon is home to an uncanny range of natural landscapes that have something to offer everyone. You can find everything from a beach house to a cabin amid craggy mountain peaks in this state. If you want something a little more metropolitan, then you can find a great many housing options in Portland, Salem, Bend, or Eugene.
Time shares are also a very popular option for people looking to buy real estate in Oregon. Time shares allow you to buy a piece of property with a few other people and share it amongst yourselves. This helps to lower the overall costs and makes real estate more accessible to a larger spectrum of people. Time shares can also be rented out to non-owners during different parts of the year to help capitalize on tourist dollars.
Permanent Residential Homes
Some people just want to buy a place in Oregon and stay forever. For these people, there are a lot of options for finding affordable housing. The first place you should look is an online registry of foreclosed homes. Doing this can often help you find a great home for a much lower price than you would expect. This is because banks want to get these homes off of their registers and are willing to take a low price just to get rid of the house. If you want, you can even rent out the house for extra income while you live elsewhere.
Renting a Home in Oregon
Renting isn’t only for people that don’t have the money to buy. In fact, many people simply rent homes in cities throughout Oregon to get a better feel for where they’d like to settle. After all, it’s difficult to decide where you want to buy a house if you’ve never spent much time in Oregon. Renting gives you the ability to learn about a city before you invest a lot of money into real estate.
You’ll find that rental rates throughout central Oregon are much lower on average than other parts of the country. The Willamette Valley is in the center of the state and runs from the northern edge of the state to the southern edge. Eugene, Oregon is in the center of the valley and will place you no more than 2 hours away from all of the major cities in the state. The rates in this area of the state are fairly reasonable and it’s not uncommon to find a two bedroom home for under $850 a month.
Planning to Buy Real Estate in Oregon
Oregon has a relatively low income tax rate for individuals. The state is often referenced as having one of the lowest overall tax burdens in the United States and this makes it a very popular destination for people looking for a change. Home buyers often regard Oregon as one of the most financially accessible parts of the United States to buy real estate for either permanent residency or sporadic vacation use.