Have you heard the news? We’re officially representing clients in Washington! To celebrate, we want to share the top advantages of moving to Vancouver, Washington. Vancouver may be just the solution for homebuyers discouraged by high Portland prices and rising mortgage interest rates. With all the same geographic perks as Portland and a growing metropolitan area, Vancouver may be the perfect place for you to call home!
Washington is one of only nine states without a state income tax. That means if you’re lucky enough to snag a job in Vancouver, you’ll take home approximately 10% more every paycheck than a job of the same salary in Portland. To simplify, at Vancouver’s average salary of $75,000, you’ll pocket an extra $7,500 a year compared to the same earnings in Portland. Because of Vancouver’s proximity to Portland, many residents also take advantage of Oregon’s no sales tax reaping the benefits of both states’ tax advantages.
Although Portland and Vancouver have both seen substantial price increases since the Pandemic began, Vancouver remains the more affordable city with a median sales price of $495K as of June 2022. That’s 75K less than Portland’s median sales price of $570K. In addition, many new developments along the Columbia River have helped increase the city’s housing supply and diversity. This has created a more urban, walkable feel in a traditionally suburban area.
A common gripe you hear in Portland, specifically Multnomah County, is how high property taxes are. Currently, Multnomah County property tax averages $10.10 per $1,000 in assessed value. Clark County provides a slightly more affordable rate at an average of $9.50 per $1,000 assessed value. So if you purchase a home with an assessed value of $400K, you will pay $440 more a year in property taxes in Multnomah County than in Clark County. It’s important to note that both counties have special tax districts that impact property tax amounts by property and area. Therefore, we recommend you do your due diligence in researching a home’s property tax before putting an offer on it. Follow these links to learn more about Clark County and Multnomah County property taxes.
A perk of living in a smaller city is fewer big city problems. This includes less violent crime and property crime. Overall, Vancouver scores better than Portland in safety, with fewer burglaries, thefts, and assaults per year. Not only is there less crime across the board due to population differences the rates of these crimes are lower. So if safety is a priority specifically for property-related crimes, you may be better off choosing a home in Vancouver.
If you value safety and financial savings, Vancouver may be the city for you, or at least it’s worth opening up your home search to. Contact our broker, Jennifer Valencia, for more information on the Vancouver market and to schedule a neighborhood tour! Interested in setting up your own search? Check out the DCG Real Estate App to see the latest listings in Vancouver, Washington.