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Rural Housing Affordability
February 2017
Oregon Office of Economic Analysis
Oregon Office of
Economic Analysis2
Overall Rural Affordability is Better, but not Everywhere
Median Price to Income Ratio:Rural – 2.4Urban – 2.9
10% least affordable rural counties face equivalent of 20% least affordable urban counties
Oregon Office of
Economic Analysis3
Regional Patterns Stand Out Rural Housing Affordability (Price to Income Ratio)
Data: American Community Survey, 2011-2015 Estimates
Source: Census, Oregon Office of Economic AnalysisMap 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)
Oregon Office of
Economic Analysis4
Rural Oregon is Expensive
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Rural America Housing AffordabilityMedian 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)
Oregon Office of
Economic Analysis5
What Drives Affordability Differences?
Oregon Office of
Economic Analysis6
Rural County Scatter
Oregon Office of
Economic Analysis7
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.
Oregon Office of
Economic Analysis8
Contact
(503) 378-3455
(503) 378-4052
www.OregonEconomicAnalysis.com
@OR_EconAnalysis
