Monday, August 14, 2017

Relative to Income - Portland's Rents are West Coast's Lowest

A new report demonstrates that Portland's rents are the lowest on the West Coast relative to income.

As of the second quarter, Portland's rent-to-income ratio is just a shade under 25%, at 24.96%. The average income in metro Portland is about four times average rents. That is higher than some places, such as Raleigh at 18.77% or Austin at 21.53%, but a lot less than other markets, and less than the national average of 28.99%.

The highest rent-to-income ratio in the country is New York, at 51.33%. Other pricey markets include LA at 42.95%, San Francisco at 38.57% and San Diego at 33.28%. Among major West Coast markets, Portland has the lowest of all rent-to-income ratio.

Source: August, 2017 report from CBRE.