A real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. There are expected to be about 20,000 applications just to get on the lottery-based waitlist this year for rental assistance. That waitlist is set to open up to new applicants only for five days next week.
Home Forward, the public housing authority, currently supports more than 7,000 households with housing choice vouchers. The agency receives nearly $84.9 million annually from the U.S. Department of Housing and Urban Development (HUD) to administer the vouchers in Multnomah County. It has been closed for almost seven years. The housing choice voucher application period is set to open online at 9 a.m. on Monday, June 5 and close at 11:59 p.m. on June 9.
The pandemic is still being pointed to as the cause of the increasing mortgage rates. Not, all areas are seeing price jumps. The Stacker company recently compiled a list of cities with the fastest-growing home prices in the Portland-Vancouver-Hillsboro, OR-WA metro area using data from Zillow. Below are the top 5.
5. Dayton, OR
1-year price change: +$1,714 (+0.4%)
5-year price change: +$182,429 (+59.2%)
Typical home value: $490,483 (#55 most expensive city in metro)
4. Amity, OR
1-year price change: +$2,317 (+0.4%)
5-year price change: +$203,250 (+56.3%)
Typical home value: $564,498 (#40 most expensive city in metro)
3. Rhododendron, OR
1-year price change: +$3,596 (+0.8%)
5-year price change: +$146,181 (+50.9%)
Typical home value: $433,136 (#69 most expensive city in metro)
2. Dundee, OR
1-year price change: +$6,295 (+1.1%)
5-year price change: +$174,376 (+43.6%)
Typical home value: $574,468 (#38 most expensive city in metro)
1. Camas, WA
1-year price change: +$6,784 (+1.0%)
5-year price change: +$244,670 (+52.2%)
Typical home value: $713,162 (#9 most expensive city in metro)
It is reported that the typical home value in the United States increased over the last year by 1.5% to $339,366.
