Portland makes another “10 Best” list for 2011

Ladd's Addition Beauty

Portland–the west coast  darling of the “Ten Best” lists–is mentioned again.

Mentioned in company with Austin, Durham and San Francisco, Aol.’s WalletPop named Portland the “Best City for Gen-Y” in their quirky December 31 article, 10 Best Places to Buy a Home in 2011. 

The article states that the median monthy rent in our fair city amounts to $1200. 

I did a little number crunching of my own which revealed that a new buyer, using an FHA loan and the Oregon Bond finance program at 3.87 percent,  with a $200K purchase price, would end up with a tax-deductible monthly payment (principle, interest, taxes and insurance) of $1186.

What the article fails to mention is that Portland’s median house price dropped to$239,900 in December, more than $100K below its peak of $354,740 in April ’07, according to HousingTracker.net.

As one of the last major metropolitan areas to enter the nation-wide housing recession, Portland prices are just now bottoming-out. With short-sales comprising a third of all November transactions, there are plenty of bargains.  In addition, Portland offers many resources for those with little down. It’s no wonder the Rose City is being recognized as a great place for young people to get their start.