The problem with living in the hippest city in the nation is that it’s exceptionally tough to find a home.
CityLab reports on the state of housing in the Millennial haven of Portland, Ore. The city, which has a population of 609,000, sees around 1,000 new residents every month and is expecting 40 percent increase in population over the next 20 years.
Housing prices have jumped from $369,500 to $412,000 over the last year alone (the fastest rise in the nation), and more affluent cash buyers are beating out the competition.
Antiquated zoning laws aren’t helping matters. Current regulations, many of which were drawn up more than 60 years ago, stifle multifamily home developments and emphasises tight housing density.