The cost of living in Portland is going up, which means, so does your monthly income from investment properties.
According to The Portland Business Journal, Portland ranked No. 78 out of the 106 markets studied for purchasing power, determined by using a market’s average salary, adjusted for cost of living. Portland’s housing market is more affordable and has a long cost advantage over other West Coast cities like Seattle and San Francisco.
This affordability is likely contributed to strong economic performance. The Portland Metro ranks No. 23 for average pay, No. 24 in job growth with an average five-year-growth rate (1.2%) and pay (1.9%) exceeded the averages for all 106 cities compared in this study.
The affordability of Portland’s commercial sector has attracted many new companies in the tech and healthcare sector from cities like San Francsico and New York to take advantage of the low rents. Many people are moving to Portland looking for homes in areas where the cost of living will produce long-term gains on their home.
According to the article, here are the top five fastest-selling neighborhoods if you are looking for a good investment property:
1. Forest Heights
2. Ladds Addition/Hawthorne
5. North Tabor/Hollywood District