Oregon · State guide
How to buy a house in Oregon
A moderately expensive state with a one-of-a-kind property tax system, no transfer tax, and strong down payment help — set against rising wildfire risk and the Cascadia earthquake. Here is the playbook for buying in the Beaver State.
Last updated June 2026
Why Oregon is different
Buying a house in Oregon, the short version
The federal process is the same everywhere — read the complete guide to buying a house for the eight universal steps — but Oregon has its own programs, taxes, and closing rules worth knowing before you start.
The picture: Oregon is moderately expensive (a statewide median around $518,000; Portland is softening, Bend is very pricey, and Salem, Eugene, and Medford are more affordable). The state agency, OHCS, offers below-market loans plus down payment help up to $60,000, and property taxes are moderate (~0.8%).
Two things make Oregon unusual. Its Measure 5/50 tax system taxes a capped value that doesn’t reset when you buy, and there’s no transfer tax anywhere (except one county). The catch: wildfire is pushing insurance up, and the Cascadia earthquake needs a separate policy. Use the 50-state hub to compare other states.
The market
What homes cost in Oregon
Expensive relative to the US, but cooling from the pandemic peak.
The statewide median sale price was about $518,000 in spring 2026 (Redfin), roughly flat year over year, with about 4 months of supply — a balanced market, neither the frenzy of 2021 nor a buyer’s market. Prices vary sharply by area:
Median prices by area
Bend (Deschutes, the premium market) ~$704K · Portland (Multnomah) ~$535K, competitive but softening · Beaverton ~$545K · Hillsboro ~$525K · Eugene (Lane) ~$480K · Salem (Marion) ~$450K · Medford (Jackson) ~$429K · Grants Pass ~$400K, among the most affordable.
Down payment & rate help
OHCS programs
You don’t apply directly — you work through a participating lender. A 640 credit score and a homebuyer course are the main requirements.
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Oregon Bond (Cash or Rate Advantage)
The core: a 30-year fixed mortgage in two flavors. Cash Advantage gives a below-market rate plus 3% of the loan as cash toward closing costs. Rate Advantage gives the lowest rate with no cash — best if you already have your down payment.
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Flex Lending (4–5% help)
OHCS’s own program pairs a fixed-rate loan with 4% or 5% down payment assistance. FirstHome is for first-time buyers; NextStep is open to anyone earning $125,000 or less. For lower incomes the help is forgiven after 5 years.
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Down payment grant (up to $60,000)
Through local partners, OHCS offers up to $60,000 (or 20% of the price) as a grant or forgivable loan for first-time and first-generation buyers under 100% of area income — with 25% reserved for veterans. In Portland, the city adds an $80,000–$100,000 0% loan on top.
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Federal help
The big federal loans work well here: USDA (0% down — much of rural Oregon qualifies), VA (0% down, plus Oregon’s own ODVA veteran loan), and FHA (3.5% down). These pair with the state and local programs above.
The OHCS rules in brief
You’ll generally need a 640 credit score for Oregon Bond (620 for Flex Lending), completion of a homebuyer education course, and household income and price under county limits (income roughly $99,000–$165,000 depending on county; the $60,000 grant caps at 100% of area income). “First-time” means no ownership in three years (waived for veterans and in targeted areas). Confirm the current county limits with your lender, since the figures update yearly — and tip: open a First-Time Home Buyer Savings Account before the end of 2026 for the Oregon tax deduction.
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Property taxes
Property taxes in Oregon: moderate, and unusual
Oregon has moderate property taxes — an effective rate around 0.8%, with a typical bill near $3,800. But the system is one of a kind. Thanks to Measures 5 and 50, Oregon doesn’t tax market value — it taxes a “Maximum Assessed Value” that can only rise 3% a year and is usually 40–60% below what a home is worth. The Portland-metro counties (Multnomah, Clackamas, Washington) carry the highest bills, over $5,000.
You inherit the seller’s tax value — a big deal
Here’s the crucial part for buyers: unlike most states, Oregon’s assessed value does NOT reset to your purchase price when you buy. You inherit the previous owner’s capped value and its 3% growth limit — so two identical homes on the same street can have very different tax bills depending on how long each owner has held them. Long-held homes carry lower bills. So don’t estimate your tax from the price — ask the county assessor for the property’s current assessed value. If buying in Portland, also budget for the separate Metro and Multnomah County income taxes.
Closing & costs
Closing on a home in Oregon
Oregon is a title/escrow state — title and escrow companies handle the closing, and an attorney isn’t required (Oregon even splits the title and escrow roles between separate companies). The seller customarily pays for the buyer’s owner’s title policy, and escrow fees are usually split. The best part: Oregon has no transfer tax — it’s banned by the state constitution — with one exception, Washington County, which charges a small 0.1%. On financing, the 2026 conforming limit is $832,750 statewide and the FHA floor is $541,287, rising in the Portland metro ($701,500), Bend/Deschutes ($718,750), and Hood River ($762,450).
You have 5 days to change your mind after the disclosure
Oregon requires sellers to give you a Seller’s Property Disclosure Statement — a detailed form based on what they know about the home. Importantly, you have five business days from receiving it to revoke your offer in writing and get your earnest money back, so don’t waive that right lightly. If the seller never provides it, your right to back out lasts until closing. The federal lead-paint disclosure applies to pre-1978 homes. Always get your own home inspection too (and a sewer scope on older Portland homes).
Insurance & risks
Insuring an Oregon home
Oregon home insurance is still relatively affordable — averaging roughly $1,000–$1,600 a year, below the national average — but that’s changing fast in some areas. The dominant and growing risk is wildfire: the catastrophic 2020 Labor Day fires destroyed over 5,000 homes, and premiums have risen nearly 30% since 2020, with non-renewals in forested areas. And western Oregon faces the Cascadia earthquake — “the Big One” — the state’s greatest natural threat.
Wildfire coverage, a separate earthquake policy, and the map repeal
Two big things to plan for. In wildfire country (southern and central Oregon, the Cascades foothills), confirm a home is insurable before you commit — availability is tightening — and ask about mitigation discounts (defensible space, Class A roof, fire-resistant siding). Note the state’s controversial wildfire hazard map was repealed in 2025, though insurers may still use their own risk models. Second, standard policies don’t cover earthquakes — in western Oregon, seriously consider a separate earthquake policy (it’s cheap for wood-frame homes). Oregon does have a FAIR Plan as a last resort, and flood is separate too (NFIP, for river valleys).
Wherever you buy
The steps that work the same in Oregon
Oregon sets the local rules, but these parts of buying are the same everywhere.
Quick answers
Buying a house in Oregon: common questions
How much money do you need to buy a house in Oregon?
With a conventional loan you need 3% down, FHA 3.5%, and VA or USDA can be 0%. On a typical ~$518,000 home that’s roughly $15,500–$18,000 down plus closing costs. OHCS help can cover much of it — up to $60,000 through local partners. See how much you really need →
Does Oregon have down payment assistance?
Yes. OHCS offers 3% cash (Oregon Bond) or 4–5% (Flex Lending), plus a grant of up to $60,000 through local partners for first-time and first-generation buyers. Portland adds an $80,000–$100,000 0% loan. See assistance programs →
Why don’t Oregon property taxes reset when I buy?
Because of Measures 5 and 50, Oregon taxes a capped “Maximum Assessed Value” that grows only 3% a year — not market value — and it stays with the property when it sells. So you inherit the seller’s value, and long-held homes carry lower bills. Ask the assessor for the current assessed value.
Does Oregon have a transfer tax?
No — Oregon’s constitution bans real estate transfer taxes. The only exception is Washington County, which has a grandfathered tax of $1 per $1,000 (0.1%). Everywhere else, there’s none, which keeps closing costs low.
What credit score do you need in Oregon?
OHCS’s Oregon Bond program generally requires a 640; Flex Lending allows 620. For loans broadly, FHA can go to 580 and USDA/VA typically want 620. A higher score mainly earns a lower rate. Check the score by loan type →
Do I need an attorney to buy a house in Oregon?
No. Oregon is a title/escrow state — title and escrow companies handle the closing. You can hire an attorney if you want, but it’s not required. Title insurance is standard.
Do I need earthquake insurance in Oregon?
It’s worth strongly considering in western Oregon, given the Cascadia Subduction Zone risk. Standard home insurance never covers earthquakes — it’s a separate policy, and it’s relatively cheap for wood-frame homes. Only about 20% of Oregonians carry it.
Is home insurance getting harder to get in Oregon?
In wildfire-prone areas, yes — premiums are up nearly 30% since 2020 and some insurers are non-renewing. Confirm a home is insurable before you commit, and ask about wildfire mitigation discounts. Oregon has a FAIR Plan as a last resort.
What’s the conforming loan limit in Oregon?
$832,750 in every county for 2026. The FHA floor is $541,287, rising in the Portland metro ($701,500), Bend/Deschutes ($718,750), and Hood River ($762,450, the highest in the state). Loans above the conforming limit are jumbo.
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