Builders Patch | HousingCount: Oregon affordable housing data and latest news
Oregon
Summary
Oregon state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 47 units available that are affordable to them. The median rent in the state has risen by 61% since 2010, while median household incomes have grown by 54%. Currently, the state is short over 80,926 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 36.8% share of renter households
- 40.4% share of low-income households
- 47.8% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 610,926 |
| Homeowner households | 1,047,165 |
| Total households | 1,658,091 |
Low-income renter households
| Households | % share |
|---|---|
| Extremely low-income ≤30% AMI | 86,542 |
| Very low-income 31-50% AMI | 66,608 |
| Low-income 51-80% AMI | 93,786 |
| All low-income households <80% AMI | 246,936 |
Rent-burdened households
| Share of income spent on rent | Households | % share |
|---|---|---|
| Moderately rent-burdened | 145,993 | 23.9% |
| 30.0–34.9% | 52,909 | 8.7% |
| 35.0–39.9% | 39,776 | 6.5% |
| 40.0-49.9% | 53,308 | 8.7% |
| Severely rent-burdened | 145,776 | 23.9% |
| ≥50.0% | 145,776 | 23.9% |
| All rent-burdened households | 291,769 | 47.8% |
Affordable housing shortage
Rent vs median household income
| Median household income in 2010 | $30,535 |
|---|---|
| Median household income in 2021 | $46,942 |
| Increase (2010–2021) | 53.7% |
| Median rent in 2010 | $690 |
|---|---|
| Median rent in 2021 | $1,114 |
| Increase (2010–2021) | 61.4% |
Affordable housing stock
| Supply, demand & shortage | Units |
|---|---|
| Supply (current stock) | 72,224 |
| Demand (total units needed) | 153,150 |
| Shortage | 80,926 |
| Availability of affordable rental units per 100 household |
|---|
| Moderate, middle & upper-income (>80% AMI) |
| Low-income (51-80% AMI) |
| Very low-income (31-50% AMI) |
| Extremely low-income (≤30% AMI) |
Finance institutions
Oregon Housing and Community Services
Oregon Housing and Community Services 725 Summer Street NE, Suite B Salem, OR 97301-1266
LIST OF loan programs
- Agricultural Workforce Housing Tax Credit
- Pass-through Revenue Bond Financing (Conduit) Program
- General Housing Account Program (GHAP)
- GHAP Capacity Building
- HOME Investment Partnership Program
- [Housing Development Grant ("Trust Fund")] (https://www.oregon.gov/ohcs/development/Documents/factsheets/factsheet-hdgp.pdf)
- Loan Guarantee Program and General (Lease) Guarantee Program
- Local Innovation and Fast Track (LIFT) Housing Development
- Low Income Housing Tax Credits / Qualified Allocation Plan
- Multifamily Housing Energy Program
- Oregon Affordable Housing Tax Credit
- Oregon Rural Rehabilitation Loan Program (ORR)
- Permanent Supportive Housing (PSH)
QAP document (Qualified Allocation Plan)
QAP
Oregon
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
Fast Company: How Fed Rate Cuts Impact the Housing Market
September 19, 2024
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.
New York Post: Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
June 26, 2024
Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession. They attribute the prolonged downturn to a surge in demand during the pandemic, followed by high inflation and mortgage rates. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025, then stabilize in 2026. The "lock-in effect" of current homeowners unwilling to sell due to high mortgage rates will persist. However, improving credit conditions and less restrictive monetary policies may attract some buyers back to the market.
US News: States With the Largest Homeless Populations
May 15, 2024
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020. Here are the top 10 states with the largest homeless population:
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
NBC News: The homebuying affordability gap is widening across the country, creating 'an impossible market'
June 11, 2024
The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high. Only 63% of counties are now affordable for median-income households. High interest rates, low construction, and rising prices are key factors.