PORTLAND — The typical Portland-area home is out of reach for a median-wage family, new home-sale figures show.
The median home price, according to the Regional Multiple Listing Service, hit $417,900 in June. At that price — assuming a 20 percent down payment, the area median family income of $81,400 and current mortgage rates — a formula devised by the National Association of Realtors says a typical family would struggle to make monthly payments.
They likely wouldn’t get the chance to try. Most banks would be unlikely to approve a loan, even if payments are only slightly out of reach.
The rate of rising prices has slowed. The median sale price fell in July to $401,600, following typical seasonal patterns, but it remains 1.7 percent higher than a year earlier.
