The Portland Real Estate Forecast 2018 was presented by John W. Mitchell Economist from Portland State University yesterday. Here are my top take-aways:
- Portland is the 25th largest City in the US, but has the 9th largest population of Millennials (most educated cohort). We have 36 colleges & universities within 50 miles.
- Oregon is listed as number 6 out of 48 for year over year in Job Growth, as of September 2017. The Northwest region has the strongest economy in the country.
- Oregon ranked number 7 for Net Domestic Migration (people moving to Oregon), Washington was number 3 and California was number 48.
- Personal income is rising faster than the national average and unemployment is lower than the national average.
- Portland job growth year to date is 33,500 with the largest being in Education and Health followed by Construction. We are experiencing a shortage of skilled workers.
- Even though housing prices are at an all time high, we are still the most affordable City on the West Coast.
- Portland’s biggest challenges in the future will be a lack of buildable land and a traffic problem that is quickly becoming one of the worst in the nation.
We expect to see the strong housing market continue into 2018 but with a slight slow down in the level of appreciation. All the indicators above show why we are not in a ‘housing bubble’ but rather in an expanding market that should continue baring any unforseen national or global disasters.