Oregon Lawmakers Push for Increased Homeownership by 2030
Salem, OR – In a proactive move to bolster wealth-building and stability among residents, Oregon lawmakers have approved House Bill 2698, aiming to increase the state’s homeownership rate to 65% by 2030. The Oregon Senate passed the bill with a 23-6 vote, following a similar approval in the House. This legislation sets ambitious goals for homeownership, including an additional 1.65% increase for the subsequent 5, 10, and 15 years.
Sen. Deb Patterson, the bill’s sponsor, emphasized the need for a comprehensive approach to close homeownership gaps, particularly among marginalized communities. Current data reveals stark disparities: while 67% of white Oregonians own homes, only 30% of Black Oregonians and 47% of Hispanic Oregonians have achieved homeownership. To monitor progress, the Oregon Housing and Community Services Department will establish a dashboard tracking homeownership rates by race and ethnicity.
Despite the bill’s progress, some lawmakers expressed skepticism. Concerns were raised about the absence of measures to significantly expand housing supply, which is critical to addressing the state’s ongoing housing crisis. Oregon currently faces a shortfall of approximately 29,500 homes needed each year, primarily in the Portland area.
Critics, including Sen. Mike McLane, argue that setting goals and creating tracking systems won’t suffice without legislative changes to encourage housing development. Opponents of the bill highlight that the focus should shift toward practical solutions to alleviate housing shortages.
The bill now awaits Governor Tina Kotek’s decision—she may sign it into law, allow it to become law without a signature, or veto it. Should it take effect, it represents a significant effort to advance homeownership in Oregon, a crucial pathway to generational wealth and long-term economic stability.
For more details, visit the Oregon Capital Chronicle.
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