Portland sees outstanding income growth over past decade
Personal income in Portland has long been viewed as a run-of-the-mill income city, putting its earning in the same class as Indianapolis, Minneapolis, and Albuquerque; however, income growth for the last decade has been extraordinary.
New Census numbers show Portland’s median household income has leapt up to 34% from 2005 to 2018, according to Christian Kaylor, Oregon state workforce analyst. Moreover, the Census also revealed that while the city was the 22nd wealthiest among the 50 largest U.S. cities for 2005, last year it attained the No. 8 slot.
The Census data shows median household income in Portland rising to over $73,000, and the Portland area’s poverty rates were shown to be down considerably last year. Moreover, the income increased across urban and rural areas, as well as demographic groups. Among communities of color, poverty rates are lower than they have been in decades.
However, apartment availability must keep pace with economic growth. New apartment buildings frequently use print shops to advertise apartments while still under construction.
Despite these strides, the Census shows more than 50% of renters in Portland are still “cost burdened”, meaning it takes over 30% of their paychecks to pay their rent.
It is not all bad news for renters though; from 2014 to 2018, median income for renters increased by 47%, while median rents only increased by 38%. Whether these gains were distributed uniformly among the city's renters is unknown.
New Census numbers show Portland’s median household income has leapt up to 34% from 2005 to 2018, according to Christian Kaylor, Oregon state workforce analyst. Moreover, the Census also revealed that while the city was the 22nd wealthiest among the 50 largest U.S. cities for 2005, last year it attained the No. 8 slot.
The Census data shows median household income in Portland rising to over $73,000, and the Portland area’s poverty rates were shown to be down considerably last year. Moreover, the income increased across urban and rural areas, as well as demographic groups. Among communities of color, poverty rates are lower than they have been in decades.
However, apartment availability must keep pace with economic growth. New apartment buildings frequently use print shops to advertise apartments while still under construction.
Despite these strides, the Census shows more than 50% of renters in Portland are still “cost burdened”, meaning it takes over 30% of their paychecks to pay their rent.
It is not all bad news for renters though; from 2014 to 2018, median income for renters increased by 47%, while median rents only increased by 38%. Whether these gains were distributed uniformly among the city's renters is unknown.