Clackamas County, OR

Clackamas County’s tension is high entry value against current income: Zillow’s June 2026 median home value was $622,537, while published market rent yields 3.65% before costs. The value was down 0.10% year over year; current-cash-flow buyers should investigate rather than rely on appreciation. FHFA’s repeat-transaction HPI rose 1.61% in 2025 and has a separately labeled longer-period gain. It is an appreciation index, not a home value; its method and vintage differ from Zillow’s, so the readings cannot be averaged into a single trend.

The $1,896 monthly measure is median asking rent, not implied rent, and its gross yield is not net income. HUD’s $1,922 FMR is a payment standard, not market rent, even though the measured rent is lower. The effective property-tax rate is 0.85%, with $5,171 median annual tax. Insurance, maintenance, financing, vacancy, and parcel assessments are not published, preventing an expense-adjusted return conclusion.

Realtor.com’s June 2026 figures are MLS listing-market evidence, not closings: 1,548 active listings, 51 median days on market, a 29.08% price-reduced share, and a 43.62% pending-to-active ratio. Lower asking prices, visible supply and concessions require careful offer underwriting, but listings and pendings do not independently prove buyer demand. Migration was modestly negative although inbound movers had higher average income than outbound movers, which does not establish demand volume. Nonoccupants made 210 of 4,159 purchase mortgages, or 5.05%, a limited competitive cohort rather than evidence on all-cash buyers.

Inland flood is the dominant hazard, consistent with modeled annual climate loss of 0.17% of building value; county modeling cannot replace flood-zone, elevation, insurance-quote, and mitigation review. The 2025 QCEW annual record shows essentially flat covered workplace employment and rising covered-worker wages; it is neither resident employment nor a forecast. Trade, transportation, and utilities is the largest disclosed private supersector, not the whole economy. Obtain closed-sale comparables, rent rolls, lease concessions, and property-specific flood, insurance and tax data; absent them, resale liquidity, operating yield, and hazard cost cannot be underwritten.