Oregon Lawmakers Aim for Increased Homeownership by 2030
Published: May 21, 2025
In a significant move to address Oregon’s housing crisis, the state Senate passed House Bill 2698 with a 23-6 vote on Tuesday, setting a goal of increasing homeownership to 65% by 2030. This initiative aims to add over 30,000 homeowners in the state by 2025, emphasizing the importance of homeownership as a pathway to wealth and stability.
The bill mandates the Oregon Housing and Community Services Department to develop a progress dashboard, tracking homeownership rates while focusing on racial and ethnic disparities. Current data shows a stark contrast in homeownership rates: 67% of white Oregonians own homes, compared to only 30% of Black Oregonians and 47% of Hispanic Oregonians.
Oregon’s homeownership rate currently stands at 63.4%, ranking the state 39th in the nation. Factors contributing to the housing crisis include decades of inadequate construction, a growing population, and stagnant wages. Reports indicate that Oregon needs to build approximately 29,500 additional homes annually to meet demand, particularly in the Portland area.
While many lawmakers support the bill, concerns about increasing housing supply persist. Some legislators argue that more actionable policies are required to address the supply issue. "We can set goals… but until we make policy decisions to allow more supply, this systemic problem will continue," stated Sen. Mike McLane, R-Powell Butte.
The bill, which previously passed the House with a 42-8 vote, now awaits approval from Governor Tina Kotek, who can sign it into law or allow it to take effect without her signature. If enacted, the bill will be a critical step towards addressing the homeownership gap and ensuring Oregon’s communities thrive economically.
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