Housing Affordability is Pushing Central Oregon's Labor Force to the Fringes
In July, according to data collected from Redfin, the average value of homes that sold in Bend was nearly $700,000, up over 40% from a year ago. According to Zumper's Rent Research team, rental units in Bend have experienced similar growth, "The average rent for a 1-bedroom apartment in Bend, OR is currently $1,600. This is a 24% increase compared to the previous year." With the rapid increase in Bend's housing costs, many commute from surrounding communities which drives up prices, as well. The current trajectory of Central Oregon's housing price growth is concerning and contributing to further uncertainty related to housing the region's workforce.
When the share of average income spent on rent in a community begins to meaningfully exceed 30%, the risk of housing insecurity and/or homelessness rapidly increases. Establishing this link to community-level rent affordability in the first place provides an important nuance to conventional wisdom about the root causes of homelessness. The 32 percent threshold provides a crucial benchmark for policymakers to gauge exactly where their communities stand – and to adjust programs and resource allocations if they are approaching the threshold, according to Zillow.
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