There’s a the age old question everyone thinks about when they decide to move to a city in Oregon:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Oregon, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Beaver State.
To do that we are going to look at places in Oregon that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in Oregon at the moment? That would be Prineville according to our analysis.
Here’s a look at the top ten places to buy a home in Oregon for 2019:
- Prineville (Photos | Homes For Sale)
- Independence (Photos | Homes For Sale)
- Madras (Photos | Homes For Sale)
- Redmond (Photos | Homes For Sale)
- Cornelius (Photos | Homes For Sale)
- Sweet Home (Photos | Homes For Sale)
- Sandy (Photos | Homes For Sale)
- Lebanon (Photos | Homes For Sale)
- Woodburn (Photos | Homes For Sale)
- Eagle Point (Photos | Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Oregon reading, check out:
- These Are The 10 Best Counties To Live In Oregon
- 10 Best Places To Raise A Family In Oregon
- These Are The 10 Best Places To Retire In Oregon
How do you determine the best places to buy a home in Oregon for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Oregon. Put differently, the analysis will try to find places in Oregon with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Oregon with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 372 cities and towns in Oregon, only 76 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 76 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Prineville is the best potential gem in the not-so-rough in the Beaver State.
Read on for more on these places.
Prineville was founded in 1877 when Monroe Hodges filed the original plat for the city. The post office for the community had been established with the name of Prine on April 13, 1871, but changed to Prineville on December 23, 1872. The city was incorporated by the Oregon Legislative Assembly on October 23, 1880, and obtained its first high school in 1902.
Independence was founded by pioneers who migrated from Independence, Missouri. Elvin A. Thorp arrived in the Independence area in 1845 and staked a claim north of Ash Creek in June of that year. He platted a small townsite that later became known as “Thorp’s Town of Independence” or the “Original Town of Independence”, now known as “Old Town”. Thorp named the town for his hometown Independence, Missouri, and in honor of Andrew Jackson’s characteristic of “Independence”.
The original plat for Madras was filed on July 18, 1902, by Scandinavian immigrant John A. Palmehm, for whom the town was originally named “Palmain”. The name was rejected by the U.S. Postal Service over its similarity to Parmen, and the name “Madras” was adopted, inspired by the cloth fabric of the same name, itself named for the city of Madras in India.
Redmond was named after Frank T. Redmond, who settled in the area in 1905. It was platted in 1906 by a company which would become part of Central Oregon Irrigation District building a canal. Electrification and the Oregon Trunk Railway reached Redmond in 1911. The rail link opened markets for farmers and merchants. By 1930, the town had grown to 1,000 and by 1940 had nearly doubled. In the 1940s, Redmond was a U.S. Army Air base and commercial air service was established at Roberts Field after World War II. In the 1950s, 60s, 70s, and most of the 80s, the population remained relatively static, growing slowly around a small commercial/retail center and manufacturing industry. However, during the 1990s, the population began to grow along with most of Deschutes County. Between 2000 and 2006, Redmond’s population grew 74.3%, making it among Oregon’s fastest-growing cities each year. This growth continued through 2006, increasing the population to 23,500. Its growth is fueled by employment and a lower cost of living.
In 1845, Benjamin Cornelius immigrated to Oregon with his family, traveling with Joseph Meek. The Cornelius family settled on the Tualatin Plains, near what is now North Plains. The same year, Benjamin Q. Tucker and Solomon Emerick staked land claims and established farms on the land that would eventually become Cornelius. At that time, the area was called Free Orchards; there was no actual community, but the name referred to the orchards on the 107 acres of land.
Settlers first arrived in the Sweet Home Valley in the early 1850s. A community known as Buckhead developed near the mouth of Ames Creek and the South Santiam River. Buckhead was named after a saloon that featured a set of elk antlers on the gable end of its building. East of Buckhead, a community called Mossville developed with a store and post office. In 1874, the two communities merged to become one community called Sweet Home. In 1893, the city of Sweet Home was incorporated.
Originally, the area around Woodburn was inhabited by the Kalapuya Native Americans. After the Provisional Government of Oregon set-up land claims in the Oregon Country, the United States annexed much of the Pacific Northwest and established the Oregon Territory in 1848. Congress passed the Donation Land Claim Act in 1850 and many earlier land claims became donation land claims.
In the mid-19th century, a rocky cliff near the location of what later became Eagle Point was a favored nesting place for eagles. An area resident, John Mathews, is said to have suggested the name Eagle Point as the name for a proposed post office in the community. The post office was established in 1872; Andrew McNeil was the first postmaster.
There You Have It – The Best Places To Purchase A House In Oregon for 2019
There’s our analysis of the best places to buy a house in Oregon. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 372 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Oregon reading, check out:
Detailed List Of The Best Places To Buy A Home In Oregon