The 100 Best Communities in Oregon for Homebuyers
- July 11, 2017
- Posted by: Mike Brown
- Category: Study
Up until 2016, Oregon was rated by United Van Lines as the “Top Moving Destination” in the United States for three straight years. This past year, Oregon lost the top spot, but was still number three.
Not too shabby!
So, what do Americans love so much about Oregon that is causing them to flock there by the busload?
Perhaps, it is the absolutely jaw-dropping scenery of the Beaver State that attracts homebuyers. Beautiful green forests, volcanoes, mountains (especially Mount Hood), and fresh-water lakes and rivers all contribute to Oregon’s lush landscape.
Or, it could be the bustling technology sector in the Silicon Forest, in addition to the abundance of jobs offered by corporations like Nike, Portland General Electric, and Columbia Sportswear.
Not to mention, Oregon is one of only five states with no sales tax, and the state’s median household income of $60,834 is the 17th highest in the U.S.
There are plenty of great reasons to make Oregon your home. But, which communities in the Beaver State are the very best for homebuyers?
LendEDU sought to find the answer to that question, and so we put together a list of the 100 best towns and cities to buy a home in Oregon.
Using licensed data, we analyzed hundreds of Oregon communities based on three parameters:
- Five Year Population Forecast Score (40 points, listed in table as Pop. Score)
- Home Income to Home Value Ratio Score (40 points, listed in table as Value Score)
- Five Year Income Forecast Score (20 points, listed in table as Income Score)
Why did LendEDU choose these three specific parameters? Each one can have a serious impact on the investment a person makes when purchasing a home. Getting good value on a home relative to your income is important, but you also want to purchase a home in a community that is projected to see growth in both population and income so that demand rises.
Without further ado, LendEDU has recognized the 100 communities you will find below as the best places for homebuyers in Oregon.
Best Places to Buy a Home in Oregon - Map
Ranking the Best Communities in Oregon for Buying a Home
LendEDU has licensed all data used in this study from Onboard Informatics. All data was broken down by ZIP Code initially, but these metrics were eventually aggregated according to their respective town and city name. For cities that contained multiple ZIP codes, their ZIP codes were averaged together and weighted by population. In total, LendEDU evaluated nearly 400 Oregon communities. A population cutoff was established at 1,000, meaning any town or city with a population below 1,000 was eliminated from further analysis.
Five -Year Population Forecast Score (40 points maximum)
The first parameter, Five-Year Population Forecast Score, was calculated by using the current population figures and the five-year projected population figures. The licensed dataset provides the projected growth in the population over the next five years in a given town. A percent change equation was used to figure out the percent increase or decrease in population in five years. Afterwords, each percent rank was multiplied by its weight of 40 percent to produce the Five-Year Population Forecast Score. The maximum value score for this parameter was 40 points.
Home Income to Home Value Ratio Score (40 points maximum)
The second parameter, Home Income to Home Value Ratio Score, was calculated by dividing the median household income by the median household value in a given area. The resulting numbers were then ranked against one another on a percent scale from 0 to 100. Each individual percent rank was then multiplied by its weight of 40 percent to produce the value score. The best possible value score a community could receive was 40 points. The Home Income to Home Value Ratio Score represented the value a town's residents could expect from a typical home purchase relative to the typical income in that area.
Five-Year Income Forecast Score (20 points maximum)
Finally, the third parameter was the Five-Year Income Forecast Score, and it was scored by using the median household income and the five-year median household income projection. Similar to the population projections, Onboard Informatics' dataset provided LendEDU with the projected growth in income over the next five years in a given town. A percent change equation was used to determine the percent increase or decrease in income in the next five years for each city and town. These resulting values were then ranked against each other on a percent scale from 0 to 100 percent. Each individual percent was multiplied by its weight of 20 percent to produce the final score, which had a maximum value of 20 points.
After all Oregon towns and cities were analyzed completely and given a score for each parameter, the parameter scores were added together to get the final score. Final scores that were closer to 100 meant that community was better for homebuyers and vice versa. The 100 Oregon communities that posted the greatest final scores were the ones featured on LendEDU's list.
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