The City of Milwaukie has seen double-digit growth in home sales and property values over the last year and they’re thanking the new $1.4 Billion MAX line that connects Portland to Milwaukie. City Manager, Bill Monahan says that the city was named the nation’s ninth-hottest real estate market for 2016 by Realtor.com. He believes this is in part due to the opening of the Orange Line.
It’s no surprise the city is seeing a spur in growth, being a close-in suburb with relatively low living costs. People are being priced out of Portland, pushing them to suburbs where they can still easily access work and social life in the city.
The demand has caused list prices to go up (seeing a 12.2 percent increase) while the median home price ($309,000) remains almost 25 percent lower than the entire metro area. Most of the appreciation is seen along the light-rail line. Business growth is also booming in the downtown area, with “virtually zero vacancies.”
However, there are a couple problems that have evolved. There’s been lower projected riders and overcrowding at the park and ride facilities. The transit agency is now paying more to rent parking from surrounding business to avoid riders parking on the surrounding residential side streets.