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Rural Housing
Affordability
February 2017
Oregon Office of Economic Analysis
Oregon Office of
Economic Analysis
2
Overall Rural Affordability is
Better, but not Everywhere
Median Price to
Income Rati...
Oregon Office of
Economic Analysis
3
Regional Patterns Stand Out
Rural Housing Affordability (Price to Income Ratio)
Data:...
Oregon Office of
Economic Analysis
4
Rural Oregon is Expensive
0
50
100
150
200
250
300
0 1 2 3 4 5 6 7 8 9 10 11
Numberof...
Oregon Office of
Economic Analysis
5
What Drives Affordability
Differences?
Oregon Office of
Economic Analysis
6
Rural County Scatter
Oregon Office of
Economic Analysis
7
High Valuations Not All Bad,
But Shouldn’t Be Goal of Policy
Flipside of
affordabilit...
Oregon Office of
Economic Analysis
8
Contact
mark.mcmullen@oregon.gov
(503) 378-3455
josh.lehner@oregon.gov
(503) 378-4052...
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While eroding housing affordability in thriving metropolitan areas is well known and discussed, many rural areas face affordability issues too. Rural Oregon, and the broader intermountain West, have affordability challenges similar to many of those popular metro areas.

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Rural Housing Affordability

  1. 1. Rural Housing Affordability February 2017 Oregon Office of Economic Analysis
  2. 2. Oregon Office of Economic Analysis 2 Overall Rural Affordability is Better, but not Everywhere Median Price to Income Ratio: Rural – 2.4 Urban – 2.9 10% least affordable rural counties face equivalent of 20% least affordable urban counties
  3. 3. Oregon Office of Economic Analysis 3 Regional Patterns Stand Out Rural Housing Affordability (Price to Income Ratio) Data:AmericanCommunitySurvey, 2011-2015 Estimates Source:Census, Oregon Office ofEconomic Analysis Map Template:www.clearlyandsimply.com 60-80th Percentile (2.5-3.1) 80-90th Percentile (3.1-3.7) 90th+ Percentile (>3.7) Urban County < 20th Percentile (<1.9) 20-40th Percentile (1.9-2.2) 40-60th Percentile (2.2-2.5)
  4. 4. Oregon Office of Economic Analysis 4 Rural Oregon is Expensive 0 50 100 150 200 250 300 0 1 2 3 4 5 6 7 8 9 10 11 NumberofCounties Rural America Housing Affordability Median Home Value to Median Household Income Ratio Source: Census (2011-2015 American Community Survey), Oregon Office of Economic Analysis Price to Income Ratio Morrow (2.4, 52nd) Gilliam, Harney (2.7, 68th) Umatilla (3.0, 78th) Jefferson (3.2, 83rd) Wheeler (3.4, 86th) Baker, Malheur (3.6, 88th) Sherman, Union (3.7, 90th) Klamath, Grant (3.8, 91st) Lake, Wasco (4.0, 93rd) Douglas (4.1, 94th) Coos (4.4, 95th) Crook (4.5, 95th) Wallowa (5.0, 97th) Lincoln, Tillamook (5.2, 98th) Clatsop, Curry (5.3, 98th) Hood River (5.8, 99th) County(Price-Income Ratio, National Percentile)U.S. Rural Median (2.37)
  5. 5. Oregon Office of Economic Analysis 5 What Drives Affordability Differences?
  6. 6. Oregon Office of Economic Analysis 6 Rural County Scatter
  7. 7. Oregon Office of Economic Analysis 7 High Valuations Not All Bad, But Shouldn’t Be Goal of Policy Flipside of affordability challenges is high values are positive for current homeowners in terms of asset valuations. Not that that should be the goal of housing policy, of course. More rural households own their homes outright, or with no mortgage. Potential problem may be ability to sell rural homes in regions facing declining populations and/or underperforming economies.
  8. 8. Oregon Office of Economic Analysis 8 Contact mark.mcmullen@oregon.gov (503) 378-3455 josh.lehner@oregon.gov (503) 378-4052 www.OregonEconomicAnalysis.com @OR_EconAnalysis

While eroding housing affordability in thriving metropolitan areas is well known and discussed, many rural areas face affordability issues too. Rural Oregon, and the broader intermountain West, have affordability challenges similar to many of those popular metro areas.

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