Cost of Living in Portland, OR [2024]
Despite the notoriously grey and damp winters, Portland is a sparkling gem in the Northwest with a backdrop of the Columbia and Willamette River. Portland was once known as a shipping center with proximity to the mountains and the Oregon coast.
Today, living in Portland is incredibly popular for recent graduates and millennials looking for exceptional amenities, microbreweries, a hipster vibe, and a community that celebrates its quirkiness.
But how expensive is The City of Roses and how comfortably can you live there? Before you move, here's what to know about the cost of living in Portland, Oregon.
Cost of Living in Portland, OR
What Is the Cost of Living in Portland?
The cost of living in Portland, OR is 26% more expensive than the average U.S. city, with residents spending $6,112 a month to live in the area.
How Much Is Rent in Portland?
Currently, the overall median rent in Portland stands at $1,579, after rising 0.8% last month. Prices remain down 0.8% year-over-year. For one-bedrooms, that median rate is $1,435, while two-bedrooms run closer to $1,701. If you live downtown near major amenities or in trendy areas like the Pearl District, expect to pay more.
How Much Is Housing in Portland?
If you're thinking about buying a place in Portland instead of renting, you'll find reasonable prices in comparison to areas like Vancouver and San Francisco. Currently, the median price of homes for sale is $535,000 in Portland, Oregon.
Learn more about the average rent prices in Portland.
What Salary Do I Need to Live in Portland?
Portland enjoys a relatively stable job market with jobs in high-tech industries, manufacturing, athletic and outdoor apparel, and healthcare, among others. To find out how much you can afford in a city, use a budgeting rule that says you shouldn't spend more than 30% of your monthly income on rent. At a median rate of $1,435 for a one-bedroom, that means
Accoding to the US Census Bureau, Portland's estimated median household income during 2020 was approximately $78,476. The average income makes Portland a comfortable place to live. It also attracts transplants from expensive tech capitals like San Francisco.
If you're trying to figure out how much you need to make by the hour, consider the living wage concept. The living wage is used to determine the minimum amount of money required to live above the poverty level.
In Portland, you'll need to earn at least $20.84 per hour if you're single with no children or $42.33 per hour for a family of four. The living wage covers the basics. It won't cover expenses like eating out, going to the movies, or vacations. It also doesn't account for any savings, investments, or emergency expenses.
Consider balancing your salary against median rent prices to find an affordable place to live. For example, if your one-bedroom rent runs $1,277, your monthly wages should add up to at least $4,256 per month or $51,080 per year.
Fortunately, there are plenty of entrepreneurial and creative-minded spirits working around Portland. Working remotely at coffee shops is the norm, as is having side hustles to balance your income.
How Much Are Utilities in Portland?
Essential utilities for electricity, heating, cooling, water, and garbage for a 915 sq. ft. apartment costs an average of $231.72 a month, which is a bit lower than the U.S. average of $253.14. Here's how those costs break down by category:
| Area | Avg Electricity Cost | Avg Gas Cost | Avg Water Cost | Avg Fuel Cost | Avg Total Cost |
|---|---|---|---|---|---|
| Oregon | 128.28 | 34.93 | 58.51 | 4.59 | 226.32 |
| Portland, OR | 122.90 | 75.54 | 31.60 | 1.67 | 231.72 |
The good news is, Portland enjoys temperate weather with little snow and summers that aren’t scorching hot. You won’t need much to cool down your apartment. However, it’s damp and chilly during winter. Plan to layer with wool and budget for extra utility costs.
How Much Is Transportation in Portland?
Portland thrives on being a walkable, pedestrian-friendly, and bike-friendly city with a walk score of 67, a bike score of 83, and transit score of 49.
The Portland Mass transit, TriMet, provides accessible bus, light rail, and commuter rail service across the metro area. Fares run $2.50 for a 2 1/2 hour ride on the light rail, or a $5 for a day pass.
Residents should expect to spend $9,731 per year for transportation for a single person and $16,323 for a family with two adults and two children. Thinking about a day trip? You can hop on Amtrak to travel north or south to areas like Corvallis and Eugene.
Although Portland is incredibly pedestrian and bike-friendly, you need a car to explore Mt. Hood or The Gorge areas. You can always rent a car for the day if you want to enjoy a car-free lifestyle.
Of course, gas is pricier than in many areas of the country. According to Numbeo, you'll spend at least $5.26 a gallon.
Keep in mind that it's illegal to pump your own gas throughout Oregon. Although tipping your gas attendant isn't mandatory, they still appreciate it. You might consider adding tips to your overall transportation expenses.
How Much Are Food Costs in Portland?
MIT living wage estimates that single, full-time working adults should expect to spend around $4,689 on food annually if they cook their own meals and make their own snacks. However, residents celebrate Portland for its foodie reputation and endless restaurants and microbreweries to choose from.
If you plan to take advantage of the food scene, you'll need to plan accordingly. Expect to spend $16.75 for a meal at an inexpensive restaurant. A three-course meal for two at a mid-range restaurant will cost $75.
Food trucks are popular around Portland, which can lower your expenses for an evening out. Prices may feel steep for a food truck or kiosk, but the city’s reputation for superb food makes up for it. Some of Portland’s most popular and celebrated food comes from food trucks.
How Much Is Healthcare in Portland?
MIT collected research and data from the Bureau of Labor Statistics and the Agency for Healthcare Research and Quality offer estimated healthcare costs for Portland locals. As a single, full-time working adult, you'll spend $2,324 per year on medical expenses. A family of three should expect to pay $7,825 per year.
Fitness and Entertainment in Portland
Portland residents enjoy fresh air, biking, walking, and spending time outdoors. If you want to upgrade your fitness game, you'll pay another $62.40 for monthly membership fees. If you enjoy going to the movies, you'll pay $12.50 per seat.
Moving to Portland to take advantage of the entertainment and culture requires a bigger budget for entertainment. A visit to the Portland Art Museum, the Portland Opera, or Portland Center for Performing Arts will all require a bigger budget.
Free Things To Do in Portland
The good news is, you can reduce your costs around Portland by focusing on some of the free attractions and activities around the metro area. Biking is always a popular option, with open trails along the Springwater Corridor that stretch from Portland to Boring, Oregon. The International Rose Test Gardens features rose hybrids with incredible views of both Portland and Mt. Hood.
People watching and browsing are also popular at Powell's Books, the nation's largest independent bookstore. The seasonal Saturday Market is a great place to find international foods, samples, free music, and busker entertainment.
Other Expenses to Consider in Portland
There are other expenses to consider when living in Portland. The state of Oregon has no sales tax, making purchases a bargain compared to major cities like San Francisco and Seattle.
The lack of sales tax can feel like a big win. However, Oregon's income taxes range from 5% to 9.9%, depending on how much you earn. Capital gains in the state are also taxed at the local state income tax rate.
Employers in Portland
Portland is a historic shipping center and was once considered a sleepy little town in the Pacific Northwest. Today, major employers attract college grads and millennials to their corporate campuses. These include Intel, Nike, U.S. Bank, Wells Fargo, and Adidas.
Like Nike, some employers are located in nearby Beaverton, which is still a relatively easy commute. You can also find less expensive rents prices in Beaverton if you’re looking to live near Portland. Plus, Beaverton is one of the best cities for remote workers. So you'd be able to save money on your commute living here.
Portland is also known for its healthcare industry and providers, including Providence Health and Services, Oregon Health and Sciences University, and Legacy Health. You’ll have plenty of healthcare providers to choose from in addition to having plenty of employers to choose from.
Looking for an Apartment in Portland?
Portland's reasonable cost of big city living, stunning backdrop, and unique vibe make it an easy choice if you're dreaming of relocating to the Pacific Northwest. If Portland seems too pricey for you, consider the cheapest places to live in Oregon!
Are you ready to pack up and see Portland for yourself? Explore which neighborhoodmight work best for your lifestyle. Register with Apartment List and begin apartment hunting in Portland, Oregon today!
FAQs: What to Know About the Cost of Living in Portland 2023
What is the population of Portland?
The population of Portland is 641,162. It is the largest most populated city in the state of Oregon.
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