Why the Cost of Living in Medford, Oregon is Great for Landlords
Before moving to a particular place to start a lifestyle, it is essential to have clear information on how it will cost you to live there. Since the prices of goods and services vary from place to place, determining how much more or less you need to live in an area is vital. The estimates for renters, homeowners, and housing affordability mostly determine the cost of living in a place. Looking for a place that has a low cost of living is beneficial to both the landlords and their tenants.
Cost of living in Medford compared to other areas in Oregon
Compared to many other cities in Oregon, the cost of living in Medford is affordable, which is suitable for both homeowners and renters. According to neighborhood scouts, Oregon’s average home value is $340,027 as a state with more than two-thirds of the homes having a value of between $130,954 and $523,432. On a city basis Comparison, the home value in Medford goes at $283,699 while in Portland it goes at $464,496 which is a clear indication that the cost of living is low in Medford and the prices are affordable. Comparing Medford and Portland, the overall index cost of living in Medford is 34.6% less with a median home cost being 58% less expensive, transportation being 67.5% less expensive and other miscellaneous expenditures falling at 14.8% less expensive. This makes life more comfortable and less costly for the residents of Medford.
Why the affordable prices in Medford is a good thing for landlords and their tenants
The low cost of living in Medford Oregon and affordable prices is a good thing for both landlords and their tenants. Naturally, affordable housing costs mean cheaper rent for tenants. This allows the renters to get properties that suit their needs better, have an appropriate number of rooms, access to neighborhoods and proximity to stronger jobs. Additionally, tenants are able to pay their rents without draining all their income. Having affordable property prices also means renters can rely on their landlords for better maintenance, thus they are assured their premises will stay at a high quality. Affordable prices also allow tenants to remain in the property for a long time, thus minimizing the hassles associated with frequent relocation and high cost of agency fees.
For the landlords, affordable price is a compelling prospect for the generation of a decent return on their investments. Affordable prices will mean affordable properties, thus enabling the landlords to pay higher down payments, which ultimately reduces the time for loan repayment and therefore benefiting from low-interest rates. With less money going on interests, landlords can have hefty returns on their investments and enjoy more risk-free investments.
Generally, affordable prices for the tenants come with additional benefits for their landlords. Low rents allow landlords to secure tenants at fairer rates and enjoy reliably paying tenants, thus getting a more favorable return on investment.
How using a property management company will be an affordable option in Medford
As a result of affordable prices in Medford, Oregon, outsourcing a property manager for your property is affordable. As a property owner, there are so many responsibilities associated with maintenance of a property ranging from dealing with the tenants and their issues, filling of taxes, checking the tenant’s deposits, signing the agreement and ensuring your property is renovated, repaired and repainted after contract agreements are over. All these activities take a significant amount of your time and can be overwhelming. However, with affordable prices in Medford, Oregon, hiring a property management company is affordable; thus, landlords can delegate all the duties of property maintenance to a property manager. This allows them to dedicate their time to other personal issues and still able to enjoy a decent return of investment. Additionally, they can pay the property manager and still retain reasonable profits.
Overall, the low cost of living in Medford, Oregon, is excellent not only to the tenants but also to the landlord. It gives people the ability to live comfortable lives, pays their rents without draining their income, and allows the landlords to enjoy a reliable tenant who pays on time for a good return on their investments. Please contact us if you would like top find out more information on why Medford, Oregon may be the right place for you to move too.