Overview

Located in the southern portion of vast Willamette Valley, Eugene is the biggest city in Oregon. It was named for Eugene Franklin who was the founder of this town. In addition to abundant public art, this area offers many festivals and sports venues all year round. Cultural happenings bring life to the city.

This beautiful place features views of Spencer Butte and Skinner Butte, the landmarks in Lane County. Willamette River winds through the city while nearby hills and forests overlook this area. 

The famous University of Oregon is also located here. It is home to many museums and renowned colleges like Lane Community College and Eugene Bible College. That makes Eugene popular with students looking for high-quality education.

As you can see, there are a lot of good reasons to move to Eugene, Oregon. It is a lively, thriving city full of activities. Nevertheless, you should learn more about the local housing market before starting to look for a home in this area.

1684 Listing Found in Eugene, OR

Purchasing a House in Eugene

With more than 700 houses on the market at a time, house-hunters have plenty of options in Eugene. The median home price is about $211,000. That’s almost in line with the average price of homes in the United States.

The home prices vary widely depending on what you’re looking for. Needless to say, new homes are the most expensive while foreclosures are the most affordable option. 

Over the last year, the number of new constructions has increased by 2.6%. Over 500 new houses hit the local housing market last year. There are a lot of options from small single-family homes to large houses with more than four bedrooms.

As for foreclosed homes, the median sales price is roughly $139,000. Over the past year, the number of foreclosures has increased by 80%. There are about 130 foreclosed homes on the market.

Keep in mind that home prices tend to rise as homes hit the market. That said, you should consider entering into a rent-to-own agreement to lock in the price of your dream home.

Popular Neighborhoods

Are you a potential homebuyer? Be sure to choose the neighborhood that suits your budget, preferences, and individual needs. With rent to own, you would be able to explore a new neighborhood before you buy the home and settle down.  

Listed below are the most popular neighborhood in Eugene, Oregon. Take a look!

• Fairmont: It is a great neighborhood for families and retirees. What sets this area apart is well-kept landscapes, friendly locals, and safe streets. You can find both large homes and apartments in Fairmont. The sale price of homes is approximately $350,000.
• Willow Creek-Churchill area: Both families with children and singles adore this southwest neighborhood. It is also popular with house hunters thanks to affordable housing. The homes sell for $261,800 on average. 
• Laurel Hill: The selling price of homes is $304,500 on average. From ranch single-story homes to large 2-story houses, there are a variety of options for homebuyers. This neighborhood boasts of a low crime rate among other things.

Purchasing vs Rent to Own Homes

Owning a house is the dream of many renters in Eugene, Oregon. However, it may take years to save up for a down payment and buy the home. The renters are also required to keep their credit score high to qualify for a mortgage. 

Traditional home purchasing programs require a down payment immediately after signing a contract. They also require a mortgage at the outset. That makes it difficult for homebuyers with poor credit scores to purchase the property or home. That’s why they choose rent to own over traditional home purchasing arrangements.

The tenants are supposed to pay rent each month throughout their lease and sometimes spend more money than they would pay for mortgage payments. What if some portions of their rent can be credited toward purchasing their rental house in the future? Maybe it sounds too good to be true, but it is possible with rent to own. 

With rent-to-own, you’ll be able to live in your dream house and neighborhood while saving for a down payment. This way you pay off your house over time, as your payments will be counted toward the down payment. Remember that you will have no obligation to buy the home at the end of your lease.

RTO is a favorable option in the market where home prices tend to rise over time. It gives a chance for homebuyers to negotiate a house price at the current market rates. However, they will be paying at that rate even if the prices go up in the future. 

Therefore, consider the local market trends in Eugene when choosing between traditional and rent to own programs. You should also consider your budget and credit score. These will be the determining factors in your purchase decision. 

Living Expenses in Eugene

The cost of life’s necessities is one of the first things you should take into account before moving to Eugene. Let’s check some of the most important living expenses.

• Utilities are about 10% below the national average
• Local food is roughly 5% more affordable
• Transportation is around 11% more expensive
• The cost of healthcare is 14% higher than the national average

All in all, the cost of living is slightly higher than in the rest of the state. It is about 10% higher than the U.S. average. Housing is also more expensive than in most other cities in Oregon.

Conclusion

If you are looking for a livable city in the state of Oregon, look no further than Eugene. This vivid city offers plentiful recreation options to its residents. Locals like to spend their time kayaking, hiking, and cycling.

Eugene is Nike’s birthplace, which makes this place known nationwide. It has a reputation for track and field skills. The World Athletics Championships will take place in Eugene in 2021.

Willamette River runs right through the city, while the McKenzie River skirts its northern and eastern edges. There are numerous houses with river views in safe neighborhoods. 

Keep in mind that the cost of living in Eugene is a bit higher than the state and national averages. The same goes for housing. This extra cost is the result of spacious properties and desirable natural settings.