Up-and-coming neighborhoods in Portland that are still affordable
Portland’s real estate market being so hot in the last couple of years has actually been a nightmare for many Portland residents. It is officially impossible to buy a single detached family house with at least two bedrooms for around 300K in inner Portland neighborhoods. The new median house price for a 1500sf bungalow in inner Portland neighborhoods is 450K as of late 2015 and 2016. That’s the listing price. Prices go up at least 20K over the listing price in this market. Some well-off two income families are still buying in those neighborhoods but most residents are priced out of inner Portland neighborhoods. They are looking outside the comfort zone and trendy areas to find more affordable houses with enough room for their family. So where should they look?
Up-and-coming neighborhoods are defined by their future value. Portland residents are moving out of inner neighborhoods into more north, south and east. What are some investment worthy neighborhoods out of inner Portland?
SE Portland – Basically look closer to 82nd Ave.
Montavilla – If you have been paying attention to the housing market in Portland, you will know that houses of the above profile around 300K is more of a rarity in Montavilla as of now. But it still happens especially east of SE 82nd. Montavilla has already been up-and-coming. There are some very nice pockets of residential neighborhoods in Montavilla and businesses are popping up.
Foster-Powell – You will see that homes in Foster-Powell neighborhood are a lot cheaper compared to its inner SE Portland neighbors. Once in a while you will see a very reasonably priced listing in FoPo. The neighborhood has been a little rough around the edges but recently it’s becoming a new cool place with bars and eateries in the neighborhood.
Brentwood-Darlington – In Southeast Portland, you will see more houses for sale at an affordable price in Brentwood-Darlington. It’s pretty much all residential in this neighborhood and some areas closer you get to Milwaukie may seem a little rough but it’s still affordable and the neighborhood has been experiencing an influx of new home buyers. It’s been the last frontier for home buyers in inner SE Portland neighborhoods.
NE Portland– Basically look closer to 82nd Ave.
Cully – It’s pretty much the next Concordia.
Madison South – Homes here are more expensive but you can still snatch one once in a while in the price range. Having Rocky Butte Park in the neighborhood is a big plus.
Sumner – If you like IKEA and don’t mind traffic and noises that much, you will find some really great deals in Sumner. Public transportation is amazing in this neighborhood with lots of urban amenities.
St. Johns – Many people have taken the train out to St. Johns. It’s a cool neighborhood that is very livable with still affordable prices. There is a ton of locally owned businesses and commercial areas are starting to become trendy.
Portsmouth – It’s the next door neighborhood to St. Johns. It’s one step closer to the inner Northeast Portland.
East Portland – Look either south or north of East Portland and avoid the middle.
Lents – So maybe you’ve decided to just go beyond the 82nd Ave and find a house that is actually spacious and nice. As of today, Lents is probably some of the best investment neighborhoods where you can snatch up a nice house for cheap with a promise of bright future. Massive investments have been made in and around Lents Town Center. Lents is truly an up-and-coming neighborhood with a strong neighborhood association.
Pleasant Valley – This neighborhood is already very nice and livable for the most part but you can still find relatively affordable homes closer towards Powellhurst-Gilbert. The neighborhood is the gateway to the country in rural Happy Valley and Damascus. You have Powell Butte Nature Park (over 600 acres) in this neighborhood and there is a great sense of outdoors and space. Homes in Pleasant Valley can be expensive closer to Happy Valley especially in Mt. Scott and along SE Clatsop St.
Parkrose – This is the neighborhood over the east of I-205 on the very north. It’s one step removed from the airport and home prices are still affordable here. It’s got a Costco in this neighborhood and is a quick access to the Columbia River. It has a MAX line!
Argay – Argay is one neighborhood over to the east from Parkrose and is more peaceful and safe.