It WAS within reach everywhere beside the most desirable parts of the most desirable cities.
You only need to put 3.5% down. When interest rates were at 2.75% and PMI is only .5% for 3 years - the median HH could EASILY afford the median house.
At 2.75% - almost 40% of your mortgage payment is principal - even in the first year.
This made the true cost of your housing absurdly cheaper than rent.
Owning a house is so much better than renting in Portland and you need jumbo loans here.
It's only places like the bay and other ultra hcol locations where renting is cheaper. I specifically bought my house to escape renting in the bay area when my job went remote. I do not want to rent anywhere near Portland. More than Half the rent price for a third of the home prices...
You only need to put 3.5% down. When interest rates were at 2.75% and PMI is only .5% for 3 years - the median HH could EASILY afford the median house.
At 2.75% - almost 40% of your mortgage payment is principal - even in the first year.
This made the true cost of your housing absurdly cheaper than rent.