Don't set yourself up for disappointment; find out what it truly costs to snag a home before you consider relocating to Bend. We've all heard the buzz about skyrocketing home prices, but what does that actually mean? Fear not, because, by the end of this video, you'll have a crystal-clear understanding of how Bend fits into your financial plans.
Let's cut to the chase with the most telling figure: the median sales price. According to the latest Beacon Report, Bend's median home is currently valued at $725,000. Picture this: last month, half of the homes sold for more and half for less. Over this past year, the median sales price has seen a range from $685,000 to a high of $800,000 in July. But, to get the full picture, it's essential to observe these trends over a longer period.
Take a step back to December 2011, when the median price was a humble $186,000. Fast forward, and we see a steady climb to $325,000 by 2015 and $524,000 by 2020. Remember, these figures are dynamic, so for the most up-to-date information, feel free to contact me directly.
Now, let's compare Bend to some urban giants like Seattle, Portland, San Jose, and Los Angeles. Using resources like BestPlaces.net and Salary.com, we can compare how Bend stacks up in terms of living expenses.
Starting with housing: Bend's median home cost is significantly more affordable - about 37% lower than Los Angeles and 78% lower than San Jose. But there's more to the story than just housing. Overall, life in Bend is approximately 34% more affordable than in Los Angeles and 64% more so than in San Jose, that’s covering all expenses from groceries to transportation.
Comparing Bend with Seattle, we find that Bend is roughly 18% more economical, largely due to lower housing costs. Bend is somewhat more affordable overall compared to Portland. However, when it comes to utilities and housing costs, Bend is a bit more expensive – utilities are 4.6% higher, and housing costs are 6.6% higher than in Portland.
Transportation is where you'll see some savings, with costs around 36% lower in Bend.
So, for anyone out there thinking about moving to Bend and wondering about the cost of living, it's definitely more wallet-friendly than some of the bigger West Coast cities. But remember, affordable doesn't mean cheap.
Oregon has its own quirks, like a higher state income tax- but no state sales tax – which is a nice perk for your daily shopping. Now that you have a sense of the living costs in Bend, you might be curious about what part of town would be a good fit for you. Tune into my upcoming video, Searching Where to Live in Bend, where I’ll give you an overview of the unique characteristics of each area, helping you find the perfect spot in Bend that feels just right for you.
Got questions? I'm all ears! Drop a comment, shoot me an email, or give me a call. Let's make your Bend dream a reality.
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