The Portland-Vancouver-Hillsboro, Ore. metropolitan area is the eighth least affordable in the country, according to RealtyHop, an online real estate listing service based in New York.
The company produced a housing affordability index that analyzed house listings and American Community Survey income estimates to compare the cost of owning a home with the area’s median income. The analysis released Wednesday looked at the 100 most populous metro areas.
In the Portland area, the median price of a home is $410,000, resulting in a monthly payment of $2,030, and median income is $64,278, according to RealtyHop. Residents put 39.26 percent of their annual household income toward homeownership costs.
The Seattle-Tacoma-Bellevue area falls just behind at No. 9 with a median home price of $437,475 and a median income of $73,243. The No. 1 least affordable area is San Jose-Sunnyvale-Santa Clara, Calif., where homes are $998,000 and the median income is $99,163. Neighboring San Francisco-Oakland-Hayward, Calif., was No. 4.
