Portland is a renter’s market relative to much of the country, according to an analysis by the real estate listing company Zillow.
According to the company, the financial advantage of owning a home in Portland over renting kicks in after living there for 3.5 years. Within the metro area, that “breakeven horizon” can vary from 1.4 to 5.3 years.
The company compared the costs of renting (including utilities and deposits) with the costs of homeownership (including downpayment, property taxes and maintenance) and found that homeowners come out ahead after 3.5 years of living in the home. It also adjusts for future rent hikes and forecast home value appreciation, and it includes the tax advantages of owning a home. More from the Oregonian>
