Beyond the sticker price — what a Summerplace home actually costs to carry over ten years, including the Multnomah County tax that makes this the priciest county in the metro to own in.
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Talk to a Specialist →Summerplace prices run roughly $300K–$450K. Here is the all-in monthly carrying cost across the band — principal & interest (20% down, 7.25% 30-yr fixed), HOA, Multnomah County property tax, and insurance.
Single-family, smaller or needing updates.
Typical single-family. Condos carry higher dues than the HOA line shown.
Larger or updated single-family.
P&I is fixed for the life of the loan. The variable costs creep: property tax rises with Oregon's Measure 50 cap (~3%/yr), HOA dues drift up (~3%/yr assumed), and insurance has been climbing faster (~5%/yr assumed). Here's how a $400K Summerplace home's monthly carrying cost evolves.
| $400K Summerplace | Monthly all-in |
|---|---|
| Year 1 | $2,893/mo |
| Year 5 | $2,993/mo |
| Year 10 | $3,142/mo |
| 10-year total carrying cost | $361,356 |
Assumes P&I fixed; property tax and HOA grow ~3%/yr; insurance ~5%/yr. Excludes principal paydown and equity. Illustrative, not a quote.
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Oregon caps a home's taxable assessed value at ~3% growth per year, so a long-held home's assessed value often sits well below its $400,000 market price — and resets upward when you buy. A Summerplace home owned for 20 years may show an assessed value far below its $400K market price — so the seller's tax statement understates what you'll pay. On sale, the assessed value moves back toward market, and your bill resets higher. Pull the parcel's Real Market Value and Assessed Value from the Multnomah County assessor before you budget.
Housing cost is only half the picture in Oregon. The state has no sales tax, but it taxes retirement withdrawals (401(k), traditional IRA, pension) at 4.75%–9.9% as ordinary income. Social Security and qualified Roth withdrawals are exempt. For a couple, here's roughly what Oregon income tax adds — think of it as a second monthly housing cost that no-income-tax-state retirees don't pay.
| Annual withdrawal (401k / IRA / pension) | Oregon income tax / yr | Monthly equivalent |
|---|---|---|
| $40,000 | $2,386 | $199/mo |
| $60,000 | $4,136 | $345/mo |
| $80,000 | $5,886 | $490/mo |
| $100,000 | $7,636 | $636/mo |
Married filing jointly, 2025 standard deduction applied; the $8,500 federal tax subtraction is not modeled and would reduce these figures. Social Security and qualified Roth withdrawals are exempt. In Multnomah County, add local surtaxes above $125K single / $200K joint.
Summerplace is in Multnomah County, so above $125,000 single / $200,000 joint of income, the Metro Supportive Housing (1%) and Preschool-for-All (1.5%, up to 3%) taxes apply on top — including to large retirement withdrawals. A high-RMD household can owe up to ~2.5% more here than in Salem. Most modest-income retirees won't trigger it; high-withdrawal households should model it. Full Oregon income tax guide →
Get matched with a Portland specialist who can pull the exact assessed value on a specific home and model your true ten-year carrying cost — housing plus Oregon income tax.
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