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Allard Schager/Getty Images November 03, 2022 Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value. Bankrate logo

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Renowned for its natural beauty, Oregon is one of the more expensive places in the country to call home. Living costs are significantly more than national averages in this Pacific Northwest state, especially in its urban areas. But that doesn’t seem to deter people. Oregon attracts a steady stream of new residents each year, many of whom are transplants from neighboring California (perhaps fleeing the even costlier living prices there). Between 2010 and 2020 the Beaver State’s population increased from people. Thinking of joining them on the Oregon Trail? Here’s what you need to know.

Oregon s best places to live

Some of the most popular places to live in Oregon are its cities: Eugene, which is known for its abundance of culture, and Portland, an urban hotspot popular with craft beer fans, coffee lovers and nature enthusiasts alike. Beyond the big cities there are many other alluring locales, including Hillsboro, which is just 20 minutes outside of Portland, and Bend, in the high desert. Or perhaps you prefer the seacoast? Fishing villages-turned-vacation-home spots include arts and craftsy Newport and Lincoln City.

What s the average cost of living in Oregon

Living in a state known for its scenic coastlines and striking pine-covered mountains comes with a steep price tag. The cost of living is 24 percent more than the national average, which makes Oregon the seventh most expensive state to live in, according to a cost-of-living analysis by insure.com, an insurance consumer guide.

Housing costs owning vs renting

Housing is a significant , particularly in urban locations where inventory is tight and there’s for available supply. As they have nationwide, have been climbing here all year. Statewide, the median sale price for a single-family home sits around $525,000 (compared to a national median of ). The good news for those looking to purchase a home is that — down 4.6 percent in September 2022 compared to one year earlier, . Homes are taking a little over two months to sell at the moment, which is longer than a year ago, when the average time on the market was about 54 days. Just 26 percent of homes are selling above list price at this point. Renting, of course, can provide the opportunity to experience a location before putting down roots and comes with less upfront and ongoing costs. The rental cost for a city-center one-bedroom apartment averages about while a three-bedroom that’s also in a city center averages about $2,482.

Utility costs

Energy costs in Oregon are one area where you may catch a break on living expenses. Utility bills are far less than the national average. According to EnergySage, an online marketplace for products, the average monthly electricity bill in the state runs . That’s about 42 percent lower than the national average electric bill of $204.25. Electric rates in Oregon cost about 13¢/kilowatt-hour (kWh), vs the national average rate of 18¢. Other utilities in the state, such as natural gas, water and internet, have also been historically cheaper than national averages.

Grocery costs

Groceries are not inexpensive in Oregon. Food will cost you about 8 percent more than the national average. Measured another way, the annual food costs for a single individual living in Oregon are about $3,999, according to . For an adult with one child, the annual food tab in Oregon is about $5,893, and two adults with no children can expect to spend about $7,332.

Transportation

Like many other things in Oregon, transportation is more expensive than national averages. You can expect to spend about 26 percent more than you would elsewhere in the country. The good news, for those looking to cut costs, is that some of Oregon’s major cities are known for being bicycle-friendly. Portland, in particular, is one of the top cities for cyclists in the country, as is Eugene. Throughout the state as a whole, there’s more than 350 miles of bike lanes.

Taxes income sales and property

Oregonians get a major tax break in one sense: Oregon has no state or local sales taxes, which makes everything from everyday purchases to big-ticket items (like houses) more budget-friendly. The state does impose a graduated individual income tax, with rates starting at 4.75 percent and increasing to 9.90 percent, according to the Tax Foundation. in Oregon, meanwhile, vary from county to county. In Multnomah County, where Portland is, homeowners pay , according to the most recent data available from the Oregon Department of Revenue. Overall, though, they’re fairly low, averaging. The state is ranked 17th in the nation for most-friendly property tax rates, according to — which also notes that property taxes here actually dropped from 2021 to 2022.

Job market and unemployment rate

Oregon’s job market is strong, though the unemployment rate ticked upward slightly in August to from 3.5 percent in July, according to the state’s Employment Department. Over the preceding six months, the state’s unemployment rate had been historically low, however, averaging about 3.6 percent. Oregon’s July and August unemployment figures were the same as the U.S. rate for that time period. Also in August, the state’s non-farm employment levels grew by 9,300. The state’s largest job growth was experienced in the government sector, followed by leisure and hospitality construction, and professional and business services.

Ready to move to Oregon

If you’re seriously considering packing up and , It’s a good idea to research the state’s various cities and regions ahead of time. From vineyard-filled valleys to rocky seacoasts, from culture-rich cities to family-friendly suburbs, Oregon offers a variety of terrains and a lot of lifestyle options. While the skews high overall, it will of course vary from place to place. who can help you explore the options and find an area that makes the most sense for your needs is a good first step, especially if you’ll be buying from .

FAQs

Is it expensive to live in Oregon

Yes. The cost of living in all of the state’s major cities is above national averages. In Portland, for instance, the cost of living is 17.7 percent higher, while in Eugene costs are 6.7 percent higher. Just the cost of buying groceries in Portland is 9.4 percent above the national average, while in Eugene your monthly grocery bill will be about 9.2 percent higher than the nation’s norm.

What is the average home value in Oregon

According to the 2020 Census data, the median home value in Oregon is about $336,700. Of course, that doesn’t reflect the red-hot housing market of the pandemic years. In some areas, like pricey Portland or tony Bend, homes sport price tags around $700,000 (the is $647,200 for a conventional loan in 2022). Zillow estimates put the statewide average as just above half a million dollars.

How much does it cost to live comfortably in Oregon

Living comfortably means something different for everyone. But in general, living expenses are steep in Oregon. According to one measure, from LivingCost.org, the cost of living for a family of four is $4,913 per month, a price-tag that includes rent, utilities, food and transportation.

Looked at another way, a single individual would need to earn at least $19.51 per hour to make ends meet in the state, according to MIT’s living-wage calculator. For a single adult with one child that hourly salary requirement rises to $36.56 per hour. In the case of two adults living together, one of whom is working, the living wage is about $29 per hour. SHARE: Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value.

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