Bend, OR
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
expensive
Price to income
6.44×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Oregon
- 5.66×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
25.0%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Oregon
- 25.3%-0.3
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
2.53%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Oregon
- 2.91%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.90%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Oregon
- 0.16%+0.74
- vs U.S.
- 0.03%+0.87
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
13.59
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Oregon
- 3.73+9.86
- vs U.S.
- 3.52+10.07
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.0%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Oregon
- 5.0%=
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+48.7%
homeValues.yearOverYear
+2.0%
Median home value
$550,400
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,371 | $16,452 | 19.2% |
| 2 BR | $1,784 | $21,408 | 25.0% |
| 3 BR | $2,481 | $29,772 | 34.8% |
Labor market direction
Unemployment
5.0%
Median household income
$85,509
What's being built
Total TTM
2,709
+73.9% YoY
Single-family
1,239
2–4 unit
168
5+ unit
1,302
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Deschutes County | 199,352 | $596,000 | $87,640 | 2,611 | +76.5% |
| Jefferson County | 24,659 | $339,200 | $73,051 | 98 | +4.3% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Bend | 199,352 | $85,509 | 6.44× | 2.53% | +48.7% | 13.59 | 5.0% |
| Warner Robins, GA | 192,171 | $78,702 | — | — | +60.2% | — | 2.8% |
| Kingston, NY | 182,153 | $81,804 | — | — | +67.4% | — | 3.5% |
| Gainesville, GA | 204,953 | $77,430 | — | — | +70.6% | — | 2.5% |
| Hilton Head Island-Bluffton, SC | 218,515 | $81,015 | — | — | +71.6% | — | 4.5% |
| Charlottesville, VA | 221,648 | $90,552 | — | — | +52.2% | — | 2.9% |
Where people are moving in from
Net migration
+1,786
+0.90% of population
| Origin county | Tax returns |
|---|---|
| Multnomah County, OR | 670 |
| Washington County, OR | 474 |
| Clackamas County, OR | 390 |
| Lane County, OR | 352 |
| Deschutes County, OR | 296 |
| Crook County, OR | 291 |
Who lives in Bend
- Median age
- 43
- Bachelor's+
- 39.1%
- Owner-occupancy
- 71.3%
- Vacancy rate
- 13.9%
- Rent burdened (30%+)
- 46.0%
- Median household income
- $85,509
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.