Median home: $475,000 | Mortgage rate: 6.9% | Property tax: 0.91% | Insurance: $1,200/yr
Oregon is a Pacific Northwest state with no sales tax. With a median home price of $475,000 and mortgage rates averaging 6.9%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Oregon, with a property tax rate of 0.91% and average insurance of $1,200/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Oregon home requires $95,000. FHA loans with 3.5% down need just $16,625, but you will pay mortgage insurance. Oregon limits assessed value growth to 3% per year — a major protection for homeowners.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Oregon, with median home prices at $475,000, you typically need a household income of at least $475,000 to afford the median home.
To afford the median Oregon home at $475,000 with 20% down at 6.9% interest, you need approximately $107,258 annual household income. This is based on the 28% housing cost guideline.
The median home price in Oregon is approximately $475,000 as of 2026. Prices vary significantly by city and county. Oregon is a Pacific Northwest state with no sales tax.
A 20% down payment on the median Oregon home ($475,000) is $95,000. FHA loans allow 3.5% down ($16,625) and VA loans offer 0% down for eligible veterans.
Oregon has a property tax rate of 0.91%, which is near the national average. On the median home, that is $4,323/year. Oregon limits assessed value growth to 3% per year — a major protection for homeowners.