To buy an average-priced home in Portland, a pre-tax annual income of $148,000 is required.

This figure is over $58,000 more than the current median household income in Portland of $90,909.

According to Zillow, the average home value in Portland is around $546,000. Although it has dropped about 0.6% over the past year, the prices are still so high that the decrease doesn't feel significant in the market. Other sources report values ranging from $534,000 to $555,000, but I calculated based on $546,000.

If you buy this home with a 20% down payment ($109,200) and finance the remaining $436,800 at a fixed rate of 6.75% for 30 years, your monthly principal and interest payment would be $2,833. Oregon's property tax rate is relatively low compared to other states, at about 1.1%, which adds approximately $500 per month, and with homeowners insurance at $1,500 annually, or about $125 monthly, the total monthly housing cost would be $3,459.

Using the DTI 28% rule, the required monthly income would be $12,352, which translates to an annual income of $148,225. Oregon is known for having a high income tax rate, so when considering that tax burden, the actual financial strain is likely greater than this calculation suggests.

The overall median household income for Multnomah County, where Portland is located, is $88,766, while the city of Portland itself has a slightly higher median of $90,909. In either case, the required income of $148,000 is significantly above these figures, indicating that it is structurally difficult for a median-income household in Portland to purchase an average-priced home solely based on their income.

Compared to nearby Seattle or cities in California, Portland is still relatively affordable. However, when compared to Austin, Texas (around $500,000) or Nashville (about $475,000), it remains a more expensive market, and there is nearly a two-fold difference compared to Midwestern cities like Columbus, Ohio, or Oklahoma City.

From the perspective of Korean households, it seems more realistic to consider condos or townhouses, or relatively affordable suburban areas like Gresham or Hillsboro, rather than aiming for an average single-family home in Portland. If a dual-income couple has a combined income in the $130,000 to $150,000 range, it may be worth pursuing, but if it's below that, increasing the down payment to over 30% to reduce monthly repayment burdens could be a viable strategy.

In conclusion, Portland appears to be a market with a high income threshold typical of West Coast cities. While some believe that the recent slight price adjustments make it a good time to consider entry, the significant burden relative to income remains a point to keep in mind.