People are leaving the San Francisco Bay Area because they simply cannot afford to live there anymore. Even people with incredibly well paying jobs in the tech industry, for example, are struggling to find an affordable place to live that makes sense. And with changing needs due to COVID-19, many would-be San Francisco residents are looking elsewhere. Suddenly, the thought of moving becomes more feasible due to so many more tech jobs (which is why many people live in San Francisco in the first place) moving to remote work.
Portland is the most affordable West Coast city, and the money you’d need to spend to buy a decent home in San Francisco goes so much further in Portland.
At the end of September 2020, Portland’s median home price was at $451,000.
In the Bay Area, here are the recent median price points:
- San Francisco – $1.6 million in September 2020
- Berkeley – $1.4 million in September 2020
- San Jose – $1.2 million in September 2020
- Oakland – $1 million Q3 2020
For a little more context, the median price point in September 2020 for a 2-bedroom in condo in San Francisco is $1.35 million. For a studio, the median was at $850,000.
I see a lot of people buying in Portland who are not only feeling priced out of their cities (especially Seattle), but intimidated by the fact that they would need to get a jumbo loan to afford a house. Jumbo loans are more common in San Francisco and people aren’t typically as intimidated by them, but it’s still something to consider.
Portland’s conforming loan number is $510,400. So anything listed above that means you need to have cash in hand (or do a jumbo loan).
In Alameda County (which includes Oakland and Berkeley), the conforming loan limit is $765,000. And for the County of San Francisco (which is where San Francisco is located), the conforming loan limit is also $765,000.
Portland is divided into 5 quadrants (I know, it doesn’t make sense…). In this post, I’m going to show you a home that is representative of each of the 5 quadrants. All of these are single-family homes that sold quickly and they’re all rad!
North Portland – Boise Neighborhood