Overview
Oregon offers a unique blend of urban sophistication in Portland, rugged coastline, lush forests, and high desert landscapes. The state has no sales tax, making it attractive for major purchases. Oregon's economy is diverse, with strong technology, healthcare, and outdoor recreation sectors.
Oregon Real Estate Market
Portland's real estate market has cooled from pandemic highs but remains competitive. The city's urban growth boundary limits sprawl, concentrating development and supporting property values. Smaller cities like Bend and Eugene have seen strong growth from remote workers and retirees. Coastal communities offer more affordable options with lifestyle appeal.
Property Taxes in Oregon
Oregon's property taxes are moderate, with rates limited by Measure 5 and Measure 50.
Average effective rate: 0.93%
Annual tax on median home: ~$4,510
Tax limitation: Assessed value increases capped at 3% annually
First-Time Buyer Programs
Oregon Housing Programs:
- Oregon Bond Residential Loan - Below-market rates for first-time buyers
- Cash Advantage - Down payment assistance up to 3%
- Rate Advantage - Lower interest rate option
- Flex Lending - For moderate-income buyers
Closing Costs in Oregon
Oregon closing costs are relatively moderate, typically 2-3% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Escrow fees: Split between buyer and seller
- Recording fees: County-dependent
- No transfer tax in most transactions
Frequently Asked Questions
Oregon generally does not have a real estate transfer tax, though some local jurisdictions may have specific fees. This makes Oregon more affordable at closing compared to many states.
Oregon requires cities to establish urban growth boundaries (UGBs) to prevent sprawl. Portland's UGB limits where development can occur, which has helped maintain property values but can restrict housing supply.
Oregon has some of the strongest tenant protections in the nation, including statewide rent control that limits annual increases to 7% plus inflation for older buildings.