PORTLAND, Ore. (KOIN) — Being able to afford a home in Portland is getting harder and harder. Now a real estate site said half of the homes in the area are not affordable.
Zillow said more than 50% of Portland metro homes, by their definition, are out of the financial reach of residents.
The real estate site uses a formula that involves median home prices, median household incomes and how much of that goes toward a monthly mortgage.
By the measurements Zillow used, Portland is now one of seven cities nationwide where more than half the homes are considered unaffordable.