It is a very natural inclination of human beings to travel and relocate. We often long for something in our life that is beyond the borders and confines of what we were born into. In our current day and age, this results in very interesting patterns and statistics of where people decide to travel, and where they decide to live. Currently, one state in America is experiencing an incredible influx of people who are migrating to live there: that state is Oregon, and Portland, especially. What sort of effect does this type of influx have on the state’s housing market? And how does it fit into the current migrational patterns of the United States? Let’s examine some of the things going on here…
How is it booming?
In 2015, Oregon was able to keep its spot at the top of the list of states that people move to for the third year in a row. Nearly 70% of migrational statistics for the state of Oregon are for people who are moving into the state, meaning that there are twice as many people who are entering the state as there are leaving it. This means that in only 6 years the number of incoming inhabitants has leaped 10%. So far, this trajectory of people moving Oregon doesn’t seem to show any signs of slowing down, meaning that the state and its largest city could continue to grow as an economic powerhouse.
Why is this happening?
Whenever a specific location sees such a strong inward migrational pattern, it’s impossible to pinpoint any one reason why this is happening. This is because there usually isn’t any single reason; instead, there are many. Many experts think that Oregon is catching a lot of the growth of the tech industry on the West Coast. While the peak of this may be in California, Oregon is a lot less expensive, which is driving many companies and individuals to move there. Because of this rise in the tech industry, the growth of well-paying jobs continues to rise, also. On top of that, many people seek a fulfilling outdoors area with a vibrant natural surrounding. Oregon is a place that offers this, with its stunning, green locale.
Higher demand is leading to higher prices
What does this mean for Oregon, though? Well, as the demand for Oregon housing continues to rise, so too will the prices, as the most basic law of economics dictates. Eventually, the migrational influx will be stabilized as price reaches demand, which is exactly what happened in California. It often takes a while for the effect of price to have a strong effect on demand, however, so we might still be seeing these boisterous numbers continue for some time.