May 2023 Newsletter: First-Time Homebuyers

Finding Affordable Homes in Portland: A Guide for First-Time Homebuyers

In recent years, Portland, Oregon, has been a hot destination for first-time homebuyers. Known for its vibrant culture, lush greenery, and thriving job market, Portland has become a highly desirable place to live, work, and play. However, with the city's rising popularity comes the challenge of finding an affordable home in a highly competitive market.

According to the recent RMLS Market Action report for the Portland Metro area, the average home sale price increased by 3.7%, while the median sale price increased by 1% in April 2023 over March 2023. While these figures and higher interest rates may seem daunting for first-time homebuyers, there are still opportunities to find affordable homes in Portland.

One option is to explore the city's up-and-coming neighborhoods, such as St. Johns, Montavilla, and Brentwood-Darlington. These areas offer more affordable homes while still providing access to Portland's amenities and culture. Another option is to consider purchasing a fixer-upper, which can be a great investment opportunity for first-time homebuyers willing to do the work.

Portland's job market is also a significant draw for first-time homebuyers. The city is home to diverse industries, including tech, healthcare, and education, which provide ample employment opportunities. Additionally, Portland's commitment to sustainability and green energy has created a thriving renewable energy and clean technology industry.

For those ready to leap into homeownership, several resources are available in Portland to help first-time buyers navigate the process. The Portland Housing Bureau offers homebuyer education courses, down payment assistance programs, and other resources to help make homeownership more accessible for low- and moderate-income families.

One program the Portland Housing Bureau offers is the Homebuyer Opportunity Limited Tax Exemption (HOLTE), which provides a five-year property tax exemption for eligible first-time homebuyers. This program can offer significant savings to homeowners, making it easier to afford a home in Portland's competitive market.

View Our Home Buyer Guide

Beaverton, Oregon

Tucked between the dramatic West Hills and Tualatin Valley farmlands, Beaverton is a city with its own unique identity. The rapidly growing area has many single-family homes in new developments and luxury condominiums. And the outdoors are always easy to access; Beaverton has an impressive network of over 100 parks, 30 miles of hiking trails, and 25 miles of bike paths.

Beaverton is also home to companies like Nike and Columbia Sportswear, so it has plenty of job opportunities. The city has the state’s largest farmers’ market, and its dining options are numerous and multicultural. Beaverton is a prime location for exploring what Oregon offers, as the ocean and Mt. Hood are just about an hour away.

Learn more

Borikén Restaurant

Borikén Restaurant is a quaint little Puerto Rican restaurant in Beaverton. They serve traditional Puerto Rican cuisine, including arroz con pollo (chicken and rice), empanadas, and mofongo (a dish made of green plantains).

Their goal is to provide a great dining experience for all their customers, and they work hard to ensure everyone who visits leaves happy. Whether you're a local or just in town for a visit, be sure to stop by and say hello!

CONTACT INFORMATION

Service Options:  Dine-in · Curbside Pickup · No-Contact Delivery

Address: 12800 SW Canyon Rd, Beaverton, OR 97005

Website: borikenrestaurant.com/

Phone: (503) 596-3571