Portland is known for its breathtaking natural beauty, from pouring waterfalls to stunning mountain views. The city’s eclectic collection of dining options, shopping and entertainment also makes it one of Oregon’s top cultural hotspots. Forbes estimates the cost of living to be 6.6% more for Portland residents than for families nationwide, but that cost is offset by affordable utility costs and absolutely no sales taxes on groceries, clothing, home goods and more.
Portland residents spend more of their yearly budget on housing than on food and transportation combined. The median price of a home in the city was $271,800 in July 2015, and this number is expected to increase within the next few years. Rental costs are also on the rise. As of June 2016, a 1-bedroom apartment unit cost Portland residents $1546 per month while a 2-bedroom unit cost families $1871.
EnergyTrust of Oregon helps residential owners and renters to save on their housing bills each month by lowering their energy consumption. Free energy saving kits offer products such as LED light bulbs that can help Portland families to immediately reduce their utility costs, while cash incentives reward families for making energy-efficient upgrades to their homes.
Thanks to Oregon not having any sales taxes, shopping in Portland is relatively cheap. From apparel to appliances, locals can save on pretty much anything that they buy. Families spent around 12.5% of their budget on food in 2014, which was slightly less than the national average. As of July 2015, a pound of potatoes costs an average of $1.08 in Portland, while a gallon of milk costs $3.44 and a dozen eggs costs $3.14. Restaurants around the area range in price, from inexpensive street foods to luxury dining options.
Portland residents spent just over 16% of their budget on transportation costs in 2014. Driving in Portland can be relatively expensive, with gas prices in July 2016 ranging between $2.00 and $2.99 per liter and insurance in Oregon costing an average of $1267 annually. If you are a senior over the age of 65 or a disabled individual, you can save on transportation costs by traveling via the TriMet public transit system. ‘Honored Citizens’ enjoy half-priced fares for tickets and day passes.
Long-term care in Portland tends to be more expensive than care nationwide. Hiring help at home in the form of a home health aide or homemaker service costs around $10,000 more each year for a Portland family than for families living throughout the rest of the United States. Seniors who receive skilled care in a nursing facility pay a median annual price of $100,988 for a semi-private room and $106,945 for private quarters. A room in a Portland area assisted living facility is significantly cheaper, costing residents a median of $48,858 per year. Seniors who are having trouble covering their health care bills may be eligible for financial aid through the Oregon Medicaid program.
Find assisted living in Portland near you.