This video is all about what it costs to live in Corvallis, Oregon, a university town of about 55,000 people in the Willamette Valley, versus living in a big city such as Portland, Oregon, about an hour and a half North.
Letʼs just get this out of the way right now. Itʼs a little expensive to live in this city considering the small size! Housing prices and rent are what make it so much more expensive to live in Corvallis compared to the other cities and towns in the same area.
According to Sperling’s www.bestplaces.net (https://www.bestplaces.net/cost_of_li..., a quick, but important point is that both Corvallis and Portland rank above the national average for the cost of living by 13% and 31%, respectively. Corvallis is on average also more expensive than other towns in the immediate area, as I talk about in this video. But on average it it’s about 17% less expensive than Portland.
The average home price in Corvallis in 2020 is about $378,000 while Portland has an average price of about $420,000. And while the property taxes are lower in Portland, the number that really stands out is the Home Appreciation Value. On average, Corvallis homes have gained about 8% in value over the past 12 months ( that’s $28,000 on a home that used to cost $350,000).
In comparison, Portland home owners only saw an increase of about 3% in the last year. History shows that your investment in Corvallis will give you a great return for your money when you are ready to sell. The average home price for the past 10 years in Corvallis has grown by 42%! This leaves out the fact that Portland grew by 51% over 10 years, but Corvallis clearly outpaced them for the past 12 months. Either way, we’ve seen strong markets.
We know buying a home in Corvallis can be expensive but what about renting? Well, the news isnʼt much better. This is a beautiful, small university town in the heart of the Willamette Valley and people want to live here, so the rental market is very tight. Right now, according to www.BestPlaces.net, the average cost for a 1 bedroom apartment runs about $1,000 per month, and the average for a 3 bedroom is just over $1500 per month.
Now, letʼs talk about the average monthly costs for all your utilities. Currently, water/sewer, gas, and electric can run up to several hundred a month - more if the home is bigger. Portland’s average cost of utilities is about the same. However, both Portland and Corvallis fall under the national average by about 20%. This is probably due in part to the mild climate we experience in the Willamette Valley.
So now you’re living in your house, youʼre paying your utilities, how do you get to work? If you like biking, Corvallis is very bike friendly. I moved here from across the country thanks to this city’s GOLD level designation as a nationally recognized bicycle friendly community. Downtown Corvallis offers several bike shops where you can rent or buy bikes and outdoors equipment. For visitors there are bike sharing stations throughout the city. Now, you may not be into biking and thatʼs ok. We have a fantastic public bus system in Corvallis, which is completely free to use. Yes. You heard that right - free, and there are bike racks on the front of the buses. The average cost of transportation in Corvallis is lower than the national average by about 21% while Portland has a whopping average of 30% above the national average.
The most important thing to consider about living here in Corvallis is what kind of lifestyle your budget will allow. If having a smaller amount of square footage and a higher price tag for a home is the trade-off for you being right in the heart of the city so you can walk to local restaurants, hang out at the riverfront downtown, and enjoy the summer Farmer’s Market, thatʼs for you to decide.
Should you be looking for more of a rural feel, you might want to live on the edges of town where you will be near Starker Forests or the McDonald-Dunn (MacDunn) Forests. These public forests located just outside of town, are managed by the Starker family and OSU, respectively. While they are working forests, you will find miles of hiking trails and old logging roads frequented by hikers, trail runners, mountain bikers, and equestrians!
As I mentioned, I’m Michael Krasilovsky of Team K Realty with RE/MAX Integrity. I’m your local real estate agent here in Corvallis and the Mid-Willamette Valley of Oregon.
If you have any questions, you’re re-locating in the area, or if you’re moving here from afar, make sure you shoot me a text or email, or call me on my mobile number.
Michael Krasilovsky is a Principal Broker at RE/MAX Integrity in Corvallis, OR. Michael can be reached through https://teamkrealty.com/ or by calling 541-918-5021.
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