The typical owner-occupied home in Portland is worth about $282,300, 23% below the Connecticut median of $366,900 and 15% below the national median of $332,700. Owners pay a median $5,597 a year in property taxes, about 1.98% of their home's value, higher than the Connecticut rate of 1.81%. The median household earns $89,401 a year, so the median home costs 3.2 times the median income (3.8 times for Connecticut). 77% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Portland at a glance
| Portland | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $282,300 | $366,900 | $332,700 |
| Median property tax paid per year | $5,597 | $6,643 | $3,119 |
| Property tax as a share of value | 1.98% | 1.81% | 0.94% |
| Median household income | $89,401 | $95,781 | $80,734 |
| Homes lived in by their owners | 77% | 66% | 65% |
| Owner homes with a mortgage | 74% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,286 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 20.8% | 21.8% | 21.0% |
| Median rent | $1,122 | $1,488 | $1,413 |
| Rent as a share of renters' income | 29.9% | 31.4% | 30.6% |
| Median year homes were built | 1955 | 1967 | 1980 |
| Vacant homes | 10.0% | 7.0% | 10.1% |
| Population | 5,944 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Portland
At this week's average 30-year rate of 7.11%, buying the median Portland home of $282,300 with 20% down costs about $2,103 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,573, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $90,114 for the 20%-down payment. That payment is 28% of the median Portland household income of $89,401; at that income and 20% down, the 28% guideline points to a home of about $280,000.
The median rent here is $1,122 a month, so owning the median home costs about $981 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $56,460 |
|---|---|
| Loan amount | $225,840 |
| Principal and interest | $1,519 |
| Property taxes (1.98% a year) | $466 |
| Homeowners insurance (our estimate, 0.5% a year) | $118 |
| PMI | $0 |
| Total per month | $2,103 |
Change the numbers in the calculator
| Down payment | $9,880 |
|---|---|
| Loan amount | $277,187 |
| Principal and interest | $1,865 |
| Property taxes (1.98% a year) | $466 |
| Homeowners insurance (our estimate, 0.5% a year) | $118 |
| FHA mortgage insurance | $125 |
| Total per month | $2,573 |
Change the numbers in the calculator
Questions about home buying in Portland
What is the median home value in Portland?
About $282,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Portland?
Homeowners pay a median $5,597 a year, which is about 1.98% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Portland?
For the median home with 20% down at 7.11%, the payment is about $2,103 a month. Keeping that under 28% of gross income takes about $90,114 a year.
More about Portland
- Mortgage Refinance in Portland
- Debt Relief in Portland
- Home Equity Loans in Portland
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data