97222, Portland, OR

The 97222 zip code of Portland, OR has a median home value of $269,000 and a median home equity value of $142,000. This is significantly higher than the national median home value of $181,500 and the Oregon median home equity value of $146,600. The 97222 zip code also has a significantly higher percentage of homes with a mortgage than the national or Oregon average. Approximately 68% of homes in this zip code have a mortgage, compared to the national average of 54% and the Oregon average of 53%.

One reason for this high level of homeownership in the 97222 zip code may be its relatively low cost of living. The cost of housing is not as important an factor in determining whether someone buys or rents a home as it is for people who are already wealthy or who plan on staying in their homes for many years. Therefore, areas with lower costs of living may see more people buying homes rather than renting them. Additionally, many people who live in the 97222 zip code may be able to afford to buy a house even if their income is slightly below the area's median income because they can borrow money against their home equity.