Buying a Home in Oregon: What You Need to Know
If you're considering buying a home in Oregon, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Oregon homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Oregon-specific data to give you accurate monthly payment estimates.
Oregon Property Taxes
Oregon has an effective property tax rate of 0.78%, ranking #24 out of 50 states (where #1 is the highest). On a median-priced home of $505,000, you'd pay approximately $3,939 per year in property taxes, or about $328/month.
Oregon's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Oregon Homeowners Insurance
The average annual homeowners insurance premium in Oregon is $1,091 for $300,000 in dwelling coverage, or about $91/month.
Oregon enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Oregon Closing Costs
Closing costs in Oregon average 0.67% of the home's purchase price. On a $505,000 home, that's approximately $3,384. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Oregon Housing Market
The median home price in Oregon is $505,000. This is significantly above the national median of approximately $410,000, making Oregon one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More Oregon Mortgage Tools
Use these additional calculators to plan your Oregon home purchase: