Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 3,807, 1,489 total housing units (homes and apartments), and a median house value of $288,963, Portland real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Portland, accounting for 62.47% of the city's housing units. Other types of housing that are prevalent in Portland include large apartment complexes or high rise apartments ( 25.33%), duplexes, homes converted to apartments or other small apartment buildings ( 5.77%), and a few mobile homes or trailers ( 3.48%).
The most prevalent building size and type in Portland are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.39% owning and 37.61% renting.
The housing in Portland was primarily built before 1939 ( 39.90%), making the housing stock in Portland some of the oldest overall in America, although there is a range of ages of homes in Portland. The next most important housing age is between 1970-1999 ( 33.40%), followed by between 1940-1969 ( 15.29%). There's also some housing in Portland built between 2000 and later ( 11.42%).
Appreciation rates for homes in Portland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.02%, which ranks in the top 40% nationwide. This equates to an annual average Portland house appreciation rate of 6.85%.
Appreciation rates are so strong in Portland that despite a nationwide downturn in the housing market, Portland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Portland appreciation rates continue to be some of the highest in America, at 6.66%, which is higher than appreciation rates in 70.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Portland. Portland appreciation rates in the latest quarter were at -1.60%, which equates to an annual appreciation rate of -6.24%.
Notably, Portland's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Portland's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.
$288,963
for Michigan
for nation
1,489
$1,608 / per month