The Oregon State Legislature introduced House Bill 2698 on February 19, 2025, aiming to enhance homeownership rates across the state. The bill sets forth a policy goal to increase the statewide homeownership rate from 63.4 percent, as reported in the 2023 American Community Survey, to at least 65.05 percent by 2030. This target is to be incrementally raised by 1.65 percent every five years, ultimately fostering a more equitable homeownership landscape for various racial and ethnic populations.

Key provisions of the bill include the establishment of a statewide housing production dashboard, which the Housing and Community Services Department will update annually. This dashboard will track progress toward the homeownership goals, providing data disaggregated by race and ethnicity, as well as comparisons among cities with populations over 10,000. The intent is to ensure transparency and accountability in achieving the set targets.

The bill has sparked notable discussions among lawmakers and community advocates. Proponents argue that increasing homeownership can lead to reduced reliance on public assistance and improved educational outcomes for children of homeowners. Critics, however, express concerns about the feasibility of the ambitious targets and the potential for unintended consequences in housing markets, particularly in areas already facing affordability challenges.

Economically, the bill could stimulate growth in the housing sector, potentially leading to increased construction and job creation. Socially, it aims to address disparities in homeownership rates among different racial and ethnic groups, promoting inclusivity and stability within communities.

As the bill progresses through the legislative process, its implications for Oregon's housing policy and community development will be closely monitored. If passed, it could set a precedent for similar initiatives in other states, reflecting a growing recognition of the importance of homeownership in fostering economic and social well-being.