Homeless Crisis Hurting Portland Housing Market

Published by FOX Business | September 7, 2022

Portland real estate broker says houses ‘sell for slightly less’ due to homeless camps spreading into residential neighborhoods

As Portland residents have started speaking out against far-left politicians over the homeless crisis and crime surge fueling an exodus from the city, a local real estate broker is describing the difficulty of offloading these for-sale properties.

“A lot of these spaces now are occupied by camps, and a lot of the homeowners now have changing circumstances,” Dwell Realty broker George Patterson said on a “Mornings with Maria” panel Wednesday.

According to the housing market expert, homeowners and potential buyers are “full of concerns” about the growth of homeless camps within residential neighborhoods, and it’s also causing a pricing shift.

“They’re looking at their lives and wondering, ‘How long do I continue to live here? And they’re saying, ‘Should I live here? Should I find a home somewhere else?’ And they’re picking somewhere else.”

–George Patterson, Dwell Realty

In addition to the homeless crisis, the Portland Police Department has reported that total crime has spiked nearly 25%, with motor vehicle theft increasing by 51%, burglary by 19% and robbery by 42% compared to 2020.

“What’s interesting is the homes do sell for slightly less,” Patterson noted on the state of Portland’s real estate market. “I think slightly less than what they would have sold for without camping.”

In one of his recent listings, Patterson claimed his client purchased an additional one-third of an acre to grow fruit trees, but the location and deterioration of the lot depreciated the home’s overall value.

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