If it's cheaper, they will come. That thinking has been behind a major real estate boom in Oregon, as workers flee California, where housing is among the priciest in the nation. The question is, how long will Oregon, especially its largest city, be cheaper? Demand is outstripping supply, and pushing both home values and rents significantly higher.
Portland in the early fall replaced Oakland, California, as the local market with the highest annual effective rent growth among the nation's top 50 housing markets, according to Axiometrics, a real estate analytics company. Rents were 12 percent higher in the fourth quarter of 2015 compared to 2014. Sacramento, California; Seattle; and Orlando rounded out the top five.
"Job growth is really the key thing, then the lack of available units and plain demographics. Young people really like Portland," said Jay Denton, Axiometrics' senior vice president of analytics.
Oregon was the most popular moving destination of 2015, according to United Van Lines. Sixty-nine percent of moves to and from the state were inbound. Inbound migration has jumped 10 percent in the past six years. This as the Northeast experiences a moving deficit. New Jersey, New York, Connecticut and Massachusetts made the list of top 10 states people are leaving.