Oregon has frequently attracted transplants as the state has an abundance of rural and natural beauty without all the population other states have realized further south. The state is home to the famous Ashland Shakespeare Festival as well as Crater Lake National Park. Like Washington to the north, Oregon is primarily rain-fed redwood forest on the coast and prairie land or farm land on the eastern side. Eugene, Oregon, represents the major urban area of the state. Oregon has no sales tax, offering a flip side of its northern neighbor and being attractive to those who want to make big purchases or real estate without the tax bite involved. Many retirees move from California to Oregon just for such a benefit when buying their retirement home. The state is expected to actually see an improving market, finally exiting the dip from the recession.
By area, OR is the 9th biggest American state. With its population of nearly 4 million, it is the 27th most populous. Gross state product is around $170 billion annually, and per capita income is nearly $45,000. Oregon's major industries are farming - the state produces almost all of America's home grown hazelnuts - fishing, forestry, and tech.
As of today, the average home in OR is worth around $225,000, a nearly 10% increase in the past year. That said, there can be a large difference in home values from city to city. In the most expensive areas in the state - cities and towns like Lake Oswego and Sherwood - the median sale price for a house is anywhere from $700,000 to $1 million. The least expensive towns are places like Sweet Home and Klamath Falls, where the median sales price is under $225,000.
Portland's metro area is home to nearly 3 million total Oregonians, making it one of the 20 largest American metros. The city is known for its unique climate, outdoor activities, and green culture. In fact, Popular Science called Portland America's greenest city. Major corporations like Adidas and KinderCare are headquartered in Portland, and Intel is the city's largest employer.
Eugene is probably best known as the home of the University of Oregon, a PAC-10 school that has made a major impact in college football in recent years. Nike was also started in the Emerald City. The university, the local school district, and the state are three of the largest local employers.
Salem is also a college town, as Williamette University and Corban University are located within city limits. As you would expect, most of the local jobs are within education, although the state and federal government are also major employers.
Whether you're new to the state or a native Oregonian, it's important to find a reliable, convenient bank that you can trust. OR has no shortage of community banks, and there are also a number of strong credit unions. These institutions won't have the instantly recognizable name of a larger bank, but you have a better chance of a personal relationship with your financial institution, and there are a number of benefits to going the local route. In addition, many national banks have a presence within Oregon, giving consumers a wealth of choices.
OR's largest credit unions:
Choices are great, but at times having too many options can feel overwhelming. One of the benefits of comparing rates online is that you can see offers from numerous financial institutions at once. RateZip.com's free financial search engine helps you shop for certificates of deposit (CDs), checking accounts, auto loans, and more!
For those looking to find opportunities before prices increase, RateZip.com can provide a broad array of competitive rates and lending offers for Oregon from local and regional banks. Additionally, RateZip can help you shop rates from national lenders like Quicken Loans and LoanDepot.
The fixed rate mortgage, something that's generally unique to the United States, is Oregon's most popular home loan. Fixed rate loans offer payment security, which helps homeowners make long-term financial decisions knowing that their home payment will not increase over time. The two most popular terms are the 30-year fixed and the 15-year fixed rate mortgage.
Adjustable rate mortgages (ARMs) are basically the opposite of the FRM and are similar to the home loans offered in most other countries. ARMs have a constant mortgage rate for the first few years - the initial period - and then adjust annually thereafter. The most popular types are the 3/1, 5/1, and 7/1 ARM, where the first number represents the initial term and the 1 indicates an annual rate adjustment.