Why Buying a Home in Vancouver or Portland Still Pays Off (Big Time)

Why Buying a Home in Vancouver or Portland Still Pays Off (Big Time)

If you are renting in Vancouver, Washington or Portland, Oregon right now, you know the deal. Renting feels "easy." You pay your $1,800 a month, call the landlord when the dishwasher breaks, and move on.

With interest rates where they are, renting might even look cheaper on paper this month.

But here is the part nobody talks about enough: Renting is a 100% interest rate. You pay it, and it's gone.

Homeowners in the Pacific Northwest are growing their net worth while they sleep. If you’ve been wondering whether buying is still worth it in the PNW, the long-term math is clearer than you might think.

Renting vs. Owning: The "Dead Money" Trap

Let’s break down the real difference using local numbers.

• The Renter: In Vancouver or Portland, the average rent is hovering around $1,750–$2,800 a month. Over 5 years, that is $168,000 paid to a landlord. That is money you will never see again.

• The Owner: When you buy a home, a chunk of your monthly payment is "forced savings." You are paying down your own loan and building equity.

First American recently analyzed the long-term financial impact of renting versus owning. Whether they looked at the housing bubble of 2006, the "normal" market of 2019, or the rate-hike era of 2022, the result was the same: Homeowners won.

The data shows that even when you factor in property taxes (which are notably different between Clark County and Multnomah County), insurance, and repairs, owning a home builds wealth. Renting drains it.

The PNW Wealth Gap

In our local market, this is even more pronounced.

If you bought a home in Camas or Beaverton five years ago, you have likely gained significant equity through appreciation. Renters in those same neighborhoods have only seen their monthly costs go up.

The takeaway is simple: Time in a home builds wealth. Time renting just buys you a roof for 30 days.

Affordability Is Finally Turning a Corner

You might be thinking, “Okay, but buying feels out of reach for me right now.”

That is a fair concern. The last two years have been a grind. But if you look closely at the Vancouver and Portland market data, things are shifting.

• Rates are easing: We aren't at peak 2024 rates anymore.

• Incomes are up: Local wages in tech and healthcare have risen.

• Inventory is healthier: You actually have homes to choose from in neighborhoods like Felida, Hazel Dell, or Hillsboro.

According to Zillow, typical monthly payments have gotten a little easier compared to this time last year. It’s not "easy" yet—but it is easier. And waiting for it to get "perfect" usually means waiting until prices jump again.

Local Help is Available

You don't have to do this alone. There are incredible local programs designed to help first-time buyers bridge the gap:

• Washington State Housing Finance Commission (WSHFC) offers down payment assistance for qualified buyers in Vancouver.

• Oregon Bond Programs offer lower rates and cash assistance for buyers in Portland and Gresham.

Bottom Line

Renting feels safer today, but it’s risky for your financial future. Owning is the only path that locks in your housing cost and pays you back over time.

Don't let the short-term math scare you out of long-term wealth.

Curious what buying looks like for you in today's market? Let’s run the numbers. We can compare your current rent against a mortgage in your favorite neighborhood—pressure-free.

Call (503) 300-6614 to Schedule Your Rent vs. Buy Consultation