The House Committee on Housing and Homelessness convened on February 19, 2025, to address the pressing homeownership crisis in Oregon. The meeting highlighted the state's low homeownership rate, which currently stands at approximately 64%, ranking Oregon 43rd in the nation. The committee discussed the significant barriers that have emerged over the past decade, including rising home prices and interest rates, which have made homeownership increasingly unattainable for many families.

The session began with a presentation emphasizing the importance of homeownership as a means to build generational wealth and promote economic stability. It was noted that the income required to afford a median-priced home has surged from $107,500 in 2021 to $140,900 in 2023. This financial strain disproportionately affects younger generations, renters, and communities of color, with 74% of renters expressing a desire for homeownership, a figure that rises to 96% among communities of color.

Brock Nation, policy director at Oregon Realtors, underscored the need for statewide goals to enhance homeownership opportunities. He argued that establishing these goals would align policies and resources across various sectors, ultimately making homeownership more accessible. Nation highlighted the broader benefits of homeownership, including improved educational outcomes for children and stronger community ties.

Pam Levitt from the Go West Credit Union Association supported House Bill 2,698, which aims to set measurable statewide homeownership goals. She emphasized that such goals would foster accountability and drive collective efforts toward improving access to housing.

Kevin Cronin from Housing Oregon also advocated for the homeownership bills, stressing that increasing access to homeownership is crucial for reducing housing instability and closing racial wealth gaps. He identified key strategies necessary for achieving these goals, including targeted down payment assistance and support for emerging rural developers.

Peter Hainley, executive director of CASA of Oregon, shared insights from his organization’s experience in providing homeownership services, particularly for marginalized groups such as farm workers and veterans. He highlighted successful programs that have facilitated homeownership for over 1,600 individuals.

The meeting concluded with a consensus on the urgency of addressing the homeownership crisis in Oregon. The committee members expressed their commitment to advancing legislation that would create equitable pathways to homeownership, ensuring that all Oregonians have the opportunity to build wealth and stability through homeownership. Further discussions and follow-up actions are expected as the committee continues to explore solutions to this critical issue.