Central Oregon’s Top 5 Most Affordable Areas to Buy a Home
The Top 5 Most Affordable Areas to Buy a Home in Central Oregon!
So you want to move to Central Oregon but can’t quite afford or don’t want to pay Bend’s median home sales price.
GOOD NEWS! There are still several options and areas nearby that offer more affordable housing with all the perks and proximity to the same outdoor lover’s paradise.
When we say “Central Oregon” we are referring to our geographical region that encompasses several towns including the most widely known epicenter - Bend - and the surrounding cities of Redmond, Sisters, Prineville, and Madras.
“Affordability” is relative and can vary widely depending on factors such as location, size, age, and condition of the property, even in these statistically more budget friendly areas.
Prineville:
Located about 35 miles north of Bend (a 45 minute drive from Bend), Prineville is a small city with a growing population of around 12,000 (in 2023). The median home price in Prineville is lower than the average for the region, making it a more affordable option for those looking to buy a home in Central Oregon and a great place for investors to consider long and mid term rentals.
Redmond:
Redmond is another rapidly growing and diversifying city located in the heart of Central Oregon with a population of around 37,000. Many people who can not afford to buy in Bend consider Redmond their next best option, given that it is a lively community and has a growing list of amenities, is close to the airport, and it’s an easy 25-30 minute commute to Bend. The median home price in Redmond is lower than the average for the region and tends to have higher inventory at lower price points. Redmond does not have any restrictions on rentals less than 30 days and it has a large demographic of renters, so this area is a great option for purchasing short, mid or long term rentals as well.
La Pine:
Located about 30 miles south of Bend (a 45 minute drive from Bend), La Pine is a small town with a population of only around 3,000. The population in La Pine is growing, but not as rapidly as other areas. This city feels like a small town, has few amenities (stores and restaurants), however its proximity to outdoor recreation is hard to match. The median home price in La Pine is lower than both Bend and Redmond, and lot sizes are closer to an acre, on average. If you are looking for a location that feels private and you can have a shop, La Pine may be the more affordable option for those looking to buy a home. If you can find a home on or near the river here (outside of city limits), LaPine also makes a great option and opportunity for investors looking to enter the short term rental market.
Madras:
Located about 45 miles (or an hour drive) north of Bend, Madras is another small city with a population of around 8,000. Madras is unique and totally different from its counterpart La Pine. Instead of towering pine trees and high altitude lakes, Madras is known for its high desert scenery (Juniper, Sagebrush, and panoramic Cascade mountain views). It has a more sparse suburban feel and most people who live in Madras rent. With the lowest median home price on this list, Madras is a great opportunity for first time or entry level home buyer or investors looking to expand their long term or multifamily rental portfolios.
Deschutes River Woods:
Technically outside of city limits but still considered a Bend address. DRW offers a wide range of home prices, from the low $400k all the way north of $1MM depending on the home type and location. With an average lot size of 1 acre, many people like this location because it offers buyers more for their money for the land and the neighborhood’s close proximity to Bend.
Remember, it is important to note that affordability is relative and obviously varies based on personal financial situations and preferences.
It's best to work with an experienced local real estate team, like us, who can help tailor your search based on more specific information and help you find a home that meets YOUR needs and budget.
Reach out to us to get started!