According to the Portland Tribune, data culled from a Lending Tree report show home prices in the Portland metro area jumping five times faster than household incomes as measured between 2009 and 2017. Those stats make the city number 9 on the list of metros with the highest increases. The median price for a Portland-area home went from $287,900 to $376,000, an increase of $88,100.
In contrast, median household incomes in Portland only increased $16,410 between 2009 and 2017. And the unemployment rate only fell 2.1 percent, one of the smallest decreases in the rankings.
Leading the list is San Jose, California, with home prices increasing $319,400 and incomes increasing $32,991. In last place is Hartford, Connecticut, with home prices dropping $11,800 and incomes increasing $5,716. On average, median home values have increased by nearly $50,000 across the 50 largest metros in the United States since 2009, the report says.
"When the real estate bubble burst in late 2008, many Americans saw their home values fall drastically, but a lot has changed in the 10 years since — housing prices have rebounded from their lows during the Great Recession. And though prices are now starting to cool, in many cases, home values have even exceeded their 2006 highs," reads the report.
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