Oregon claimed the title of top moving destination for the year 2015, which was the third year in a row for the West Coast state. The study also concluded that the number of new residents to the state increased by ten percent just in the previous six years (Oregon is the most popular state to move to, 2016).
Why People Choose Oregon
Oregon is not the only state seeing such growth. Five of the top ten states are in the western half of the country. Jobs in the tech industry has been a strong factor in where people choose to move. However, it is only one reason that people are heading west. Several other factors play key roles in the choice to make Oregon their home state.
People are looking for a lower cost of living and a bigger, green space for their homes. Baby Boomers who are nearing retirement are looking at their options where they can make the most of their money. They also look at warmer climates year-round (Oregon is the most popular state to move to, 2016).
Of the cities in Oregon, Portland is the number one choice for new residents. The real estate industry is enjoying an increase in prices due to the enhanced interest in the area. The price of homes in the city have risen eleven percent in October 2015 from the same month the previous year, according to the S&P/Case-Shiller Home Price Index.
What the State has to Offer
Appreciating real estate is one reason people will benefit from the move to Oregon. The median home price in the state is $230,700 with appreciation at 8.50 percent. Anyone who buys an affordable property now will see the investment grow quickly.
While retirees are one demographic who find Oregon appealing, they are not the only ones. People looking for jobs are also interested in the state. With job growth improving and the unemployment rate on par with the national average, Oregon is the place to find new jobs for a new life.
Oregon provides plenty of outdoor recreation which people can enjoy year-round with its mild winters. At the same time, arts and entertainment is continually growing along with other industries. In fact, CNNMoney named Portland as one of the most innovative cities due to its urban planning. (Everyone’s moving to Oregon…and here’s why, 2015)
A Look at Portland
While Oregon as a whole is enjoying increasing popularity, the top city, Portland, is seeing the benefits of the westward move even more. The city has seen a population increase of fifteen percent since 2000. The median household income was higher than the state average at $55,571.
The median home value is also higher in Portland than elsewhere in the state at $291,400 over $229,700 for the rest of Oregon. The unemployment rate is lower than the state rate at 5.9 percent over 6.6 percent. Industries within the city include everything from manufacturing to construction to retail to healthcare. With the wide variety of occupations available, people see the potential for a good life in this city and throughout the state. (City Data Portland)
The city also offers cultural activities and special events in the arts. At the same time, nearby trails and vast outdoor spaces appeal to the adventurer. People are moving here from California because of the similar climate at a more affordable cost of living. East Coast residents are also relocating due to the appeal of the state and what it has to offer.
A fresh start is what awaits many in Oregon. Is it right for you? Are you ready to move to the West Coast? If so, The Power Is Now is ready to assist you. We are your resource for real estate and we will help you navigate and de-stress your next steps. The power is now!
Eric Lawrence Frazier, MBA
President and CEO