Anyone considered what upcoming California residential flight is going to do to Oregon?
United States bank loans for mortgages, are here forward going to require 20 percent cash down payments.
Average home price in California is around $500,000. meaning that, a prospective new homeowner in California will, here forward, have to come up with a HUNDRED THOUSAND DOLLARS in order to be able to afford to buy that house.
Already occurring over the past 10 to 15 years, more and more Californians are going to be fleeing in exodus from that state. They have, already over the past decade or so, driven up home prices and RENT COSTS in Portland and all over Oregon (not to mention other western states to where Californians are also fleeing).
and Oregonians are also going to be impacted by the 20 percent mortgage down payment requirement mandated by banks. In addition to the Californians coming here who are either 1) selling an existing home and purchasing two (or more) homes here in Oregon or, 2) unable to afford a home in California and permanently move to Oregon to buy up homes and displace native Oregon residents / drive up prices and competition for housing here in Oregon.
California has had ever-rising costs of living and housing which have driven Californians to leave their own state and (by moving to other neighboring states) drive up cost of living, housing prices in states like Oregon.