One of the most interesting statistics from the 2015 Real Estate Market is that Portland Oregon Home buyers are paying larger down payments to get into single family homes, townhomes and condos than other home buyers are paying nationwide.
Average Down Payment
Thanks to the recent statistics from RealtyTrac and OregonLive we know that close to 10 percent of home buyers in Washington, Clackamas and Multnomah counties are paying a down payment of up to 20 percent or more to get into homes, compared to the average U.S. home buyer paying a down payment of just 14 percent.
Why Are Portland Oregon Home Buyers Paying More?
The RealtyTrac data shows us that in counties like Multnomah County, where the median home price is $274,000, an average home buyer is paying a down payment of just over 17 percent, and this amounts to about $50,000 dollars.
It’s no surprise that Portland Oregon Home Buyers are paying a larger down payment to get into homes since a bigger down payment helps to lower the home buyer’s monthly mortgage payment and ultimately lowers their monthly homeownership costs as well.
Buy a Portland Oregon Home
To learn more about the Portland Oregon Real Estate market, or to start searching for your next dream home, contact me, Katie Bain, Realtor ® with EquityPoint Real Estate by clicking here to connect with me through my website or by calling me at (503) 595-8800.