Portland-Vancouver Metro Area: Quick Facts
The Portland-Vancouver metro area has become a popular destination for individuals across the country. The Pacific Northwest has grown exponentially in the past few years thanks to new industries setting up shop in the region. Culturally speaking, it has much to offer as well, as Millennials who value craft economies and environmentalism flock to call Portland home. Despite it’s mostly rainy climate during the majority of it year, the beautiful natural landscapes and scenic mountain backdrop continue to attract populations looking to free themselves of the hussle and bussle of other metro-areas.
The Portland-Vancouver Metro area has a population of about 2,232,607, which is up about 15.8 percent from previous years. This constitutes a population density of about 334 people per square mile according to statistics provided by BestPlaces. To give you a good perspective on on how much space this metro area provides, New York city has a population density of +27,000, while San Francisco has one of +17,000.
Although the city lacks diversity to a certain extent, it is truly cosmopolitan. There are a number of cultures and subcultures in the area that promote progressive thought, and support sustainable and creative innovation. The metro area’s traditional economy focused largely on lumbering, manufacturing, salmon-fishing, and shipping. Now the economy has grown even more diverse with over 12,000 tech companies located in the area, coining it the nickname of “Silicon Forest”. Intel, Nike, Teltronix, among others are some of the metro-area’s most important employers. While the spike in professional and technology jobs is factual, the metro-area remains largely blue-collar and working class.
Running parallel with its growing job sector, the real estate market has been booming over the past decade. In the downtown and it’s riverfront areas, various high-rise developments have been rising, along with a number of residential developments. Compared to other urban areas though, there is a well-enforced urban growth boundary, showcasing Portland’s commitment to nature and suburban lifestyle. Beaverton, Tigard, and Vancouver are Portland’s surrounding cities and towns that compose the greater Portland-Vancouver metropolitan area. The area’s public transit system is among the country’s best, with light rails, busses, and trains that run frequently and dependably. Getting to and from Portland is a easy process for many.
The city itself has seen a spike in home and rent prices, rising 11 percent between November 2014 to November 2015. Rent prices have also jumped, rising 13.7 percent. CNN reports that bid wars have even skyrocketed in the area, with certain homes selling for $150,000 above regular market price. The demand is clear, and the supply is sure to increase in the upcoming years. The Portland-Vancouver area is definitely a place to keep in your radar if you’re interested in real estate.