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Who Are All These Pricey Condos Being Built For?

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Who are these expensive condos being built for? A new development within a few blocks of mine is asking for $1.2 million for a 2 bedroom with no yard. Were these built with real people’s housing needs in mind, or were they built as investments meant to be left empty, like Vancouver, British Columbia? — Permanent Tenant

Most of us have gotten into the habit of assuming that if anything is happening in the housing market, Portland is probably its capital. You might be surprised to learn that only 11% of Hi we.

Now, if you’re anything like me, you’re probably wondering: Who are these people? Doesn’t seem like it. Are there really people rich enough to buy all these dumps?

Somewhat frighteningly, it turns out that there probably is. About 9% of Portland households reach her $265,000+ income level, and she can ask a banker about a mortgage on a $1 million home without having to call security. This is actually proportional to the fact that 15% of current Portland home listings are priced at $1 million or more (squinting, the bottom two quintiles of the income distribution do not exist). Assuming it’s a useful trick for many kinds of economic situations). analysis).

The real question is whether there are enough people who are slightly less wealthy to buy all the sub-million dollar homes. Just 23% of Portland households, according to a report from Oregon’s Bureau of Economic Analysis. could afford an average ($550,000) home. Surely there are very few buyers, so the market will soon be back on Earth, right?

Here’s the problem: That estimate was based solely on household income. have a dollar

So if your parents are homeowners (especially if you smoke and don’t exercise much), you can get a home in no time. Then you can join the homeowner class where you spend an eternity swapping homes back and forth like mahjong tiles. However, if you don’t choose your ancestry carefully, you can always live with me in my van.

question?send them [email protected].

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