Oregon · main city

Buying a home in Portland, Oregon

In Portland, the median value of owner-occupied homes is $548,800, Multnomah County's effective property tax rate is 0.96%, a purchase mortgage carried a median $7,054 in total loan costs in 2025, and median gross rent is $1,655 a month.

Data as of : Census ACS 2025 1-year, Census Vintage 2024, FHFA HPI 2026Q2, Census ACS 2020-2024, HMDA 2025, HUD FY 2027. Sources

Checked on against the official sources listed at the bottom of the page.

Portland home costs, fact by fact

Calculate for Portland

If you buy

Oregon state transfer tax

Oregon has no state transfer tax; counties and cities may charge one. Change the price: the amount is recalculated instantly.

Price$548,800
State transfer tax$0
Share of the price—

Default price: the Portland median value of owner-occupied homes, $548,800 (Census ACS 2025). Rule: No tax is calculated on the price. Recording fees do not rise with the price. Who pays: No state tax to assign. In Washington County the sources read do not assign the transfer tax; the purchase agreement decides, as it does for recording fees. Not included: county and city transfer taxes, recording fees, title insurance and lender charges. Oregon transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Oregon state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

In short

The median value of owner-occupied homes in the city of Portland is $548,800, according to the Census Bureau’s 2025 American Community Survey. The FHFA index for the Portland–Vancouver–Hillsboro area fell 0.7% between the second quarters of 2025 and 2026. First-time buyers inside city limits can ask the Portland Housing Bureau for a Down Payment Assistance Loan of up to $80,000 to $100,000.

How much homes cost in Portland

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Oregon home prices explains the method in detail.

AreaMedian value, 2025 (ACS)Margin of error (90%)
City of Portland$548,800±$13,046
Multnomah County$536,400±$8,137
Portland–Vancouver–Hillsboro, OR-WA metro area$575,500±$6,347
Oregon$507,900±$4,066
United States$371,100±$646

*Source: U.S. Census Bureau, ACS 1-Year Estimates 2025, table B25077.

Are Portland prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. Its purchase-only, seasonally adjusted index for the Portland–Vancouver–Hillsboro metro area, published August 25, 2026, shows:

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
Portland–Vancouver–Hillsboro metro area−0.7%+12.9%
Oregon+0.3%+15.8%
United States+2.1%+33.4%

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

Prices in the Portland area slipped slightly over the past year, after a gain of about an eighth over five years.

Closing costs, property tax and transfer tax

Portland buyers pay the same state-level costs as other Oregon buyers, and the figures depend on the loan and the providers you choose. We do not recalculate them on this page. See our guides to closing costs in Oregon, property tax in Oregon and transfer tax in Oregon. To see how property tax can be paid through your monthly mortgage payment, read our guide to escrow accounts.

Help for Portland buyers

The Portland Housing Bureau (PHB) runs programs that apply only inside Portland city limits:

  • Down Payment Assistance Loan (DPAL). A deferred second mortgage of up to $80,000 to $100,000 for first-time buyers with income at or below 100% of Portland’s area median income, at 0.00% interest over 30 years, with partial forgiveness starting at the 15th year. Applicants start with a PHB community partner. Funding is subject to availability.
  • Homebuyer Opportunity Limited Tax Exemption (HOLTE). A ten-year property tax exemption on the structure of new single-unit homes, with a sale price cap of $455,000, applied for by the homebuilder before the building permit.
  • State programs. Oregon Housing and Community Services (OHCS) runs the FirstHome and NextStep loans, which add 4% or 5% down payment assistance. In Multnomah County, FirstHome caps the purchase price at $733,987 outside targeted areas.

Terms, income limits and how to apply are on our page about first-time buyer programs in Oregon.

Buying a home with tenants

Portland has its own renter protections on top of state law. A landlord in the city who ends a tenancy without cause, or raises rent by 10% or more in 12 months, may owe the tenant relocation assistance of $2,900 to $4,500, according to PHB. If you are buying a rental property, read tenant rules in Oregon.

Oregon guides for Portland buyers

Frequently asked questions

What is the median home price in Portland?

The Census Bureau’s 2025 American Community Survey puts the median value of owner-occupied homes in the city of Portland at $548,800 (±$13,046). This is what owners think their home is worth, not the median sale price of recent sales.

Are home prices in Portland going down?

According to the FHFA purchase-only index, prices in the Portland–Vancouver–Hillsboro area fell 0.7% between the second quarter of 2025 and the second quarter of 2026. Over five years, they rose 12.9%.

Is Portland more expensive than the rest of Oregon?

Yes. The city’s median value is $40,900 above the Oregon median of $507,900. It is $26,700 below the metro area median of $575,500, a gap larger than the margin of error.

Does Portland help first-time buyers?

Yes. The Portland Housing Bureau offers the Down Payment Assistance Loan, up to $80,000 to $100,000, for first-time buyers purchasing inside city limits and meeting income rules. State loans from OHCS can be used in Portland too.

Who do I contact about renter relocation payments in Portland?

The PHB Rental Services Office, which publishes the rules, amounts and exemptions for Portland City Code 30.01.085.

More Oregon guides

Sources

Questions about buying a home in Portland

How much is property tax in Portland?

Homeowners in Multnomah County pay a median $5,301 a year in property tax, 0.96% of the county median home value of $552,700 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Portland?

Home-purchase mortgages in Multnomah County carried median total loan costs of $7,054 in 2025; half of the 6,655 loans fell between $4,822 and $11,216 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Portland?

Oregon has no state transfer tax. Article IX, Section 15 of the Oregon Constitution and ORS 306.815 bar new local taxes on real property transfers, but a local tax in force on March 31, 1997 survives: Washington County charges $1 per $1,000 of the selling price (Washington County Code Chapter 3.04). In Multnomah County a deed costs $86 to record for the first page and $5 per extra page.

Is it cheaper to rent or buy in Portland?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Portland ($581,500) equals 29.3 years of the median gross rent ($1,655 a month), both from Census ACS 2020-2024.

What natural hazards affect home insurance in Portland?

Across Oregon, the main hazards for home insurance are earthquake, tsunami, wildfire, flood and landslide, and the insurer of last resort is Oregon FAIR Plan Association. The Oregon Department of Emergency Management gives about a 37% chance of a 7.1+ Cascadia megathrust earthquake in the next 50 years, and the Oregon FAIR Plan requires two turn-downs from standard insurers with a $600,000 dwelling limit.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Professionals by sector of Portland

Who licenses each trade in Oregon

Other large cities: see cities in Oregon.

Data sources for the figures above

Oregon · All states · Federal guides