5 Hidden Costs of Buying a Home in Portland (And How to Budget for Them)
💸 1. Property Taxes
While Oregon doesn’t have a sales tax, property taxes can still be substantial—especially in certain Portland neighborhoods.
Expect 1.1% to 1.5% of the home’s assessed value annually
Some newer developments and gentrifying areas carry higher tax rates due to school bonds and infrastructure levies
Look for the Real Market Value vs. Assessed Value on county records—they can be very different
Tip: Ask your agent for a tax history report on any property you’re seriously considering.
🛠️ 2. Inspections, Maintenance & Repairs
Older Portland homes often need work, even if they look great on the surface.
Expect to budget 1–2% of home value per year in upkeep
Common expenses: sewer scopes, foundation issues, roof repairs, knob-and-tube wiring
Some repairs may not be paid for by the seller and will need to be done right after the purchase is completed
General Home Inspections can run up to $1000 and often other subsequent inspections may arise
🏢 3. HOA Fees
If you're buying a townhouse or condo (especially in places like South Waterfront, NW 23rd, or newer Lake Oswego developments), HOA fees can be significant.
Monthly fees range from $200 to over $800 depending on amenities and reserves
Some cover utilities, others don’t—always check the breakdown
🚗 4. Commute & Parking Costs
This one catches a lot of relocating physicians and buyers from out of town.
Hospital parking isn’t always free—expect $100–$200/month for passes near OHSU or Providence
If you live farther out, fuel and time add up—especially if you’re commuting from West Linn, Bethany, or Happy Valley
Tip: Do a test commute at your actual shift time before making an offer.
📝 5. Closing Costs
Aside from your down payment, closing can cost up to 2–3% of the home price, including:
Title & escrow fees
Prepaid property taxes and insurance
Lender fees (origination, underwriting)
Appraisal and credit reports
Tip: Some physicians qualify for lender-paid closing costs or seller concessions—ask early.
🧠 Final Thoughts
Buying in Portland doesn’t have to come with financial surprises. With the right prep, you can budget smart and still get the home that works for your lifestyle and career.
