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Portland, OR, the city renowned for hipsters, pet lovers and all things quirky, is one of the hottest cities for young transplants. In fact, Portland has consistently led the nation in rental increase, with home vacancy rates as low as 3 percent. The increase in demand for housing along with strict urban growth limitations has made affordability and finding the right neighborhood more difficult than ever in Portland.
Due to this phenomenon, a prospective Portlander should have a good knowledge of each neighborhood, to hone in on a particular area when hunting for a place to live. Not sure where to start? Trulia identified three neighborhoods to consider, explaining their unique charm and housing situation for anyone looking for particular amenities, or attributes.
Located in the Northwest region of Portland, Pearl District is home to upscale businesses, high-rise apartments, and highly acclaimed art galleries. The lively business atmosphere is attractive to young business professionals looking to live a more luxurious lifestyle in the city. From a real estate perspective, real estate in Pearl is booming with a 28.5% year-over-year rise in home values. The median sales price grew from $358,500 in 2012 to the current median sales price of $525,000. While this is on the less affordable end of the spectrum, the price ceiling for real estate in Portland is still nowhere in sight, which is good news for prospective home buyers.
The chic vibe of Pearl District lures a specific demographic in the area. Roughly, 73 percent of residents are single with the median age being 40 years old. Furthermore, a plethora of restaurants and breweries line large business buildings, making it a popular area to frolic around on evenings or the weekend. People are always on the move, whether it be going to work or to the newest trending brunch spot.
Heading to the east side of town, Buckman is a mecca of microbreweries, some of which include Buckman Brewing, Coalition Brewing, and Lucky Labrador Brewing. This neighborhood’s beer culture tends to attract a younger crowd, with a median age of 31 and over 75 percent single. There are a lot of great living options for an interested mover; Hawthorne District, located in the neighborhood, offers a funky Portland vibe and is filled with unique, restored Portland homes.
The median sales price for a home in Buckman is $321,000, while median rent per month equates to $2,295 making it one of the more affordable options close to downtown. While home values have actually declined overall the last few years, the increasing demand will begin to push the median sales price back up given this area’s ideal location and amenities for young singles.
Just outside Pearl district, you will find a small neighborhood with a lot of character. Alphabet District has been one of the most desirable areas in Portland, making it a hub for millennials and young professionals. For starters, it is incredibly close to downtown, making the morning commute slightly more bearable. An eclectic variety of shops and restaurants keeps residents entertained.
Similar to the Pearl District, this area has also seen significant gains in real estate values. Despite the high price tag, there is a vast amount of living options, whether it be well-maintained homes or larger apartment complexes. The popularity of the area and high demand yields a lower percent of available homes on the market, but with such a promising return on investment in this area, jump on an opening if you find one!
Regardless of your choice, Portlanders have one unchanging goal that any transplant must abide by. When living in Portland always remember, Keep Portland Weird.
Guest Post By Katie Bassett
This blog post was a collaborated effort between Trulia & Everyday Runaway.
For more tips on moving to Portland, check out my post “7 Things To Consider Before Moving to Portland“