Could high cost of homes in Bend benefit surrounding towns.. (Portland: 2015, renters)

[ruck89]

Originally Posted by Greener_Pastures

....it's all about perspectives though.

You're right, it's all about perspectives. Bend seems like it should be less expensive than Seattle, and thankfully it is, but it's not a comparison I'd normally make. Comparing 80k population to approx 4 mil (msa) is hardly apples to apples. So yes, it's a deal for someone making that move from Bay Area, LA, Seattle, etc to Bend. Someone moving from Pendleton, might not think it's such a great deal....it is perspective I guess.

It's good to know towns like Prineville and LaPine are not on their last legs and are rebounding, like I said I'm newer to the area - a case of judging a book by it's cover. But if they're growing what's the industry(s) that is supporting them? Just retirement dollars? That's doesn't seem very sustaining. I've heard Apple is looking in Prineville but not much else.

Thanks for the replies!

[ruck89]

Originally Posted by StealthRabbit

I grew up in Estes Park, CO...

Estes is beautiful, one of my favorite towns in CO. Grew up in Loveland, have a lot of great memories of Estes and RMNP.

[Coniferian]

From today's Bulletin: Median price for a single-family home in Bend is up 21% ($322K) over January 2014; in Redmond, 38% higher ($218K) than a year ago.

[redguard57]

Originally Posted by Coniferian

From today's Bulletin: Median price for a single-family home in Bend is up 21% ($322K) over January 2014; in Redmond, 38% higher ($218K) than a year ago.

Incredible.

To afford a $322K house you would need to make $70-75K to be approved. Where are people in Central Oregon getting that kind of money??

[BendLocal]

The median is easily influenced by increased sales of high priced homes which picked up in 2014.

[mrwibble]

Originally Posted by redguard57

Incredible.

To afford a $322K house you would need to make $70-75K to be approved. Where are people in Central Oregon getting that kind of money??

To be fair, I know a lot of people who make that much. Bend isn't all service jobs and minimum wage.

[whirnot]

And a lot of buyers have equity.

[mrwibble]

Originally Posted by whirnot

And a lot of buyers have equity.

True. From my own experience, that seems to be the driving force in Bend. Three houses that have sold recently in our neighborhood were all bought by equity "refugees" from California. Not complaining, because we were same back in 2004. We're now using the equity we built up in our Bend house to buy a place on the coast.

[redguard57]

But still, at those prices it's difficult to get started. You have to have started somewhere else and parachuted here. A young family just getting started could never afford to buy.

[mrwibble]

Originally Posted by redguard57

A young family just getting started could never afford to buy.

To play Devils advocate here a little, why should they be able to? The same goes for most of the desirable places to live in the US, especially on the west coast. What's the answer? Forced caps on prices, subsidies, social housing, looser controls on zoning, lower CDCs, a less restrictive UGB? Maybe a change of attitude and for people to see renting as a perfectly acceptable alternative to home-ownership.

I remember back in 1986 moving away from the area I grew up in and moving 300 miles across the country so I could afford to buy somewhere to live. It's been that way for a long time.