Income needed to buy a house in Oregon
A median-priced home in Oregon costs $497,500. With 20% down you'd need about $134,176 a year, $48,956 more than the state's median household income of $85,220. Oregon ranks #42 of 51 for the lowest income needed.
Income needed: $134,176 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 7.24% (Freddie Mac, week of 2026-10-29).
Estimated household income: about $134,176 a year for a $497,500 home in Oregon with $99,500 down.
Uses a 28/36 planning rule: modeled housing costs at 28% of gross income, housing plus other debt payments at 36%. Mortgage approval depends on the lender, loan program, credit and other circumstances. Excludes maintenance, repairs and utilities.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $2,712 |
| Property tax | $325 |
| Homeowners insurance | $94 |
| Total | $3,131 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $24,875 | $3,836 | $164,412 |
| 10% | $49,750 | $3,656 | $156,702 |
| 20% | $99,500 | $3,131 | $134,176 |
Income benchmarks use the 28/36 planning rule with no HOA or other debt payments. Mortgage approval depends on the lender and loan program. Monthly costs exclude maintenance, repairs and utilities. Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Oregon: what's different
- Transfer tax
- None (0.1% in Washington County)
- On the median home
- $0
- Homestead break
- None; 3% value cap
- First-time buyer help
- Oregon Housing and Community Services
- Transfer and recording taxes. State law and the constitution bar real estate transfer taxes, except in Washington County, which kept its $1 per $1,000 tax (0.1%) from before the ban.
- Property tax breaks for your home. Oregon has no general homestead exemption. Measure 50 limits growth in a property's maximum assessed value to 3% a year, and the assessor doesn't reset it to the sale price, so a buyer usually keeps paying on the seller's assessed value.
- First-time buyer help. The Oregon Housing and Community Services offers Flex Lending through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Oregon metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Portland, OR | $158,124 | $584,800 | $98,994 |
| Eugene, OR | $120,978 | $448,000 | $73,476 |
| Bend, OR | $164,727 | $631,000 | $95,979 |
With 20% down, the median home takes about $120,978 a year in the Eugene area and $164,727 in the Bend area, compared with $134,176 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 7.24%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Oregon more expensive than most states
- Home prices: the median value of $497,500 is 38% above the U.S. median of $360,600.
- Property tax: about 0.78% of value a year ($325 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,126 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $275 a month on this loan.
31 states need at least 20% less income to buy their median home. States with a similar income requirement:
- New York $133,184
- New Hampshire $135,430
- Rhode Island $130,277
- Utah $140,843
- Connecticut $122,181
- Maryland $121,641
Frequently asked questions
How much do you need to make to buy a house in Oregon?
About $134,176 a year for the median home of $497,500 with 20% down at 7.24%. With 10% down it's about $156,702.
What is the property tax rate in Oregon?
The median Oregon homeowner pays $3,895 a year, about 0.78% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Oregon?
Median rent is $1,597 a month, while owning the median home costs about $3,131 a month with 20% down, before maintenance. Renting affordably takes about $63,880 a year under the 30% rule.