Is it cheaper to rent or buy right now in Milwaukie, OR? The answer depends on a variety of factors, from your budget and lifestyle to the current housing market trends. In this article, we’ll take a deep dive into the cost of living in an apartment vs a house in Milwaukie, comparing everything from monthly rent and mortgage payments to utilities and maintenance costs.
The Housing Market in Milwaukie Today
Milwaukie’s housing market has seen steady growth in recent years, with a mix of new developments and established neighborhoods. The city’s proximity to Portland and its small-town charm have made it an attractive option for both renters and buyers.
In the rental market, inventory has tightened slightly, but there are still plenty of options available, from affordable apartments to luxury complexes. Many newer buildings are offering amenities like fitness centers, green spaces, and pet-friendly policies to attract tenants.
For buyers, the market has been competitive, with low inventory and rising prices. However, Milwaukie still offers more affordable options compared to nearby cities like Portland, especially for those looking for single-family homes with yards.
Renting in Milwaukie: What’s Typical?
As of 2025, the average rent for a 1-bedroom apartment in Milwaukie is around $1,400 per month, while a 2-bedroom typically goes for about $1,800. These prices can vary depending on the location, age of the building, and included amenities.
Popular renter areas include downtown Milwaukie, which offers walkability and easy access to shops and restaurants, as well as neighborhoods like Hector Campbell and Linwood, which tend to have more affordable options. Many renters in Milwaukie are young professionals or small families who appreciate the city’s balance of affordability and livability.
Rent in Milwaukie has risen by about 3% in the last year, but areas like Hector Campbell still offer affordable options for those on a budget. It’s also worth noting that many newer apartment complexes in Milwaukie include utilities like water, trash, and even internet in the monthly rent, which can help offset the cost.
Owning a Home in Milwaukie
The median home price in Milwaukie is currently around $450,000, which translates to a monthly mortgage payment of about $2,200 for a typical buyer (assuming a 30-year fixed mortgage with 20% down). However, this is just the beginning of the cost of homeownership.
In addition to the mortgage, Milwaukie homeowners need to budget for property taxes (which average about $3,500 per year), homeowners insurance (around $1,000 per year), and potentially HOA dues, which can range from $200-$400 per month depending on the neighborhood and amenities.
For a median-priced home, buyers in Milwaukie can expect a total monthly housing cost of around $2,800, including the mortgage, taxes, insurance, and average HOA dues. This is significantly higher than the typical rent for a 2-bedroom apartment, but it’s important to remember that owning a home also comes with the potential for building equity and long-term financial stability.
Renters vs. Homeowners: Who Lives Where?
Milwaukie’s homeownership rate is around 60%, which is slightly higher than the national average. This means that while renting is common, especially among younger residents, a significant portion of the population owns their homes.
Renters in Milwaukie tend to be younger, with many in their 20s and 30s. They often choose to rent for the flexibility, affordability, and amenities that apartments can offer. Young professionals, in particular, may not be ready to commit to homeownership or may prioritize living in a more walkable, urban area.
Homeowners, on the other hand, tend to be older and more established. They may have families and prioritize things like space, yards, and good schools. While renting is accessible for many, there are still financial and cultural barriers to homeownership, particularly for lower-income residents or those with less stable employment.
| Housing Cost | Monthly Estimate |
|---|---|
| Rent (2BR Apartment) | $1,800 |
| Mortgage (Median Home) | $2,200 |
| Property Tax | $300 |
| Homeowners Insurance | $80 |
| HOA Dues | $250 |
| Utilities (Apartment) | $150 |
| Utilities (House) | $250 |
| Total (Apartment) | $1,950 |
| Total (House) | $3,080 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence housing costs in Milwaukie, including supply and demand, the local job market, and migration patterns. In recent years, Milwaukie has seen steady population growth, which has put pressure on the housing market and driven up prices.
At the same time, new developments have helped to increase the supply of housing, particularly in the rental market. The city has also taken steps to encourage affordable housing, such as offering incentives for developers to include lower-cost units in new projects.
Another factor to consider is zoning and land use regulations. Like many cities, Milwaukie has restrictions on where and what types of housing can be built, which can limit supply and drive up costs. However, the city has also taken steps to allow for more diverse housing options, such as accessory dwelling units (ADUs) and cottage clusters.
FAQs About Housing in Milwaukie
- Is Milwaukie affordable to live in? Compared to nearby cities like Portland, Milwaukie offers more affordable housing options, particularly for renters. However, costs are still relatively high compared to the national average.
- Why are housing prices changing? Housing prices in Milwaukie are influenced by a variety of factors, including population growth, the local job market, and the overall supply of housing. As demand has increased in recent years, prices have risen accordingly.
- How does Milwaukie compare to nearby cities? Milwaukie tends to be more affordable than Portland, particularly for renters and those looking to buy a single-family home. However, it’s still more expensive than some smaller towns in the area, such as Gladstone or Oregon City.
Making Smart Housing Decisions in Milwaukie
Whether you’re looking to rent or buy, it’s important to consider your budget, lifestyle, and long-term goals when making housing decisions in Milwaukie. Renting can offer flexibility and affordability, particularly for those who are just starting out or who don’t want the responsibility of homeownership. Check out our guide to Sample Monthly Budgets for Milwaukie in 2025 to get an idea of what your expenses might look like.
On the other hand, buying a home can provide a sense of stability and the opportunity to build equity over time. If you’re considering homeownership, it’s important to factor in not just the monthly mortgage payment, but also the additional costs like taxes, insurance, and maintenance. Our Cost of Living in Milwaukie, OR: Full 2025 Breakdown can help you understand the bigger picture.
Ultimately, the decision between renting and buying depends on your individual circumstances and priorities. By understanding the costs and trends in Milwaukie’s housing market, you can make an informed choice that fits your needs and budget.