Best Places to Buy Rental Property in Oregon (2026)

Oregon's statewide median sold price is $500,000, and the state's entry prices reflect that: not one tracked Oregon city with meaningful volume closes under $297,750. The 15 markets below all recorded at least 100 closings in the last six months, all price below the state median, and they are ranked cheapest first.

What this ranking is and is not. It ranks on entry price and transaction volume. It does not include rent estimates, rent-to-price ratios, cap rates, or cash-on-cash returns, because we do not have verified rent figures at the city level and publishing them would be guessing dressed as analysis. Rent depends on the individual property, its condition, and its unit type more than on the city it sits in. Verify the rent for the actual address, then model the return yourself with the rental property calculator and the deal analyzer. Entry price and liquidity are what the data below can honestly tell you.

Oregon's most affordable markets with real transaction volume

1. Klamath Falls, $297,750 median, 273 closings

The cheapest tracked market in Oregon and the only one on this list under $300,000, at 40% below the state median. Volume is respectable at 273 closings, roughly 46 a month, which is more depth than most of the markets that price near it. Southern Oregon, high desert, with an economy built on agriculture, timber, and healthcare. For a buyer who wants the lowest Oregon entry price without accepting the thinnest liquidity, this is the strongest single combination on the list.

2 and 3. Coos Bay, $305,000 and $315,000 medians, 293 combined closings

A data note before anything else: the source feed carries this coastal town under two spellings, "Coos Bay" at $305,000 on 162 closings and "CoosBay" at $315,000 on 131 closings. It is one market. Combined, that is 293 closings, about 49 a month, at a median in the $305,000 to $315,000 range, which makes it the second cheapest genuine market in Oregon and one with better real depth than either row shows on its own. Coastal exposure means salt air maintenance and insurance considerations that inland markets do not carry.

4. Roseburg, $345,000 median, 273 closings

$345,000 on 273 closings, about 46 a month, 31% below the state median. Douglas County, along the Interstate 5 corridor between Eugene and Medford, which gives it better connectivity than the coastal or eastern markets. Same volume as Klamath Falls at a higher entry price, with a more central location.

5. La Pine, $364,950 median, 140 closings

$364,950 across 140 closings, about 23 a month. La Pine's relevance is its position south of Bend, which closes at $725,304. It is the cheapest way into the Central Oregon corridor by a wide margin, and it carries the corresponding tradeoff: a much smaller local market, roughly half the volume of Klamath Falls, and a longer commute to the region's employment.

6. Hermiston, $369,000 median, 103 closings

Eastern Oregon, $369,000 on 103 closings, about 17 a month, the thinnest volume on this list alongside The Dalles. Agricultural and food processing economy along the Columbia. Low volume means fewer comparable sales to value against and a smaller pool of buyers when you exit.

7. Florence, $370,000 median, 177 closings

Central coast, $370,000 across 177 closings, about 30 a month, 26% below the state median. Moderate liquidity for a coastal market. Like Coos Bay, factor coastal maintenance and insurance into carrying costs rather than treating the purchase price as the whole picture.

8. Lebanon, $376,000 median, 156 closings

$376,000 on 156 closings, about 26 a month, in the Willamette Valley between Salem and Eugene. Its case is proximity: valley location and highway access at 25% below the state median, with modest but functional volume.

9. Woodburn, $399,900 median, 181 closings

$399,900 across 181 closings, about 30 a month. Positioned on the Interstate 5 corridor between Portland and Salem, which is the most commutable location on this entire list. Priced 20% below the state median, with moderate depth. A meaningful portion of housing in this area sits in age-restricted communities, so check HOA rules and rental restrictions before assuming a property can be leased.

10. Grants Pass, $407,000 median, 245 closings

$407,000 on 245 closings, about 41 a month, southern Oregon. Solid volume, 19% below the state median, and part of the broader Medford and Grants Pass trade area, which gives it a wider regional buyer pool than an isolated market of its size would have.

11. The Dalles, $407,500 median, 101 closings

$407,500 across 101 closings, about 17 a month, the lowest transaction count on this list. Columbia River Gorge location east of Portland. The entry price is not low enough relative to more liquid markets to compensate for the thin volume, so the specific property has to carry the argument.

12. Medford, $414,700 median, 537 closings

The deepest market on this list by a wide margin: 537 closings, roughly 90 a month, at $414,700, which is 17% below the state median. Medford is also the cheapest of Oregon's 12 highest volume markets statewide. That combination, metro-scale transaction depth at a below-median price, is the most defensible liquidity position in affordable Oregon. Comps are plentiful, valuation is better supported, and exit does not depend on finding one specific buyer.

13. Prineville, $425,000 median, 140 closings

$425,000 on 140 closings, about 23 a month, in Central Oregon east of Redmond. Another route into the Bend and Redmond region at a discount, with limited local volume. The data center development in the area is a local employment factor worth understanding before you underwrite tenant demand.

14. Springfield, $430,000 median, 347 closings

347 closings, about 58 a month, at $430,000. Springfield sits directly against Eugene, which closes at $464,800 on 921 closings, so you are buying into a large combined trade area at a $34,800 discount to the neighboring city median. Good liquidity, 14% below the state median.

15. Keizer, $433,000 median, 220 closings

Top of this tier at $433,000 with 220 closings, about 37 a month. Adjacent to Salem, which closes at $438,625 on 1,187 closings, so the same trade-area logic applies as with Springfield and Eugene, though the discount to the neighbor is narrower.

Turning this into an actual decision

Entry price and closing volume tell you which markets deserve your attention. They cannot tell you whether a given house is worth its ask.

Run a valuation where the comparable sales are visible and you can adjust them. In Oregon that matters because terrain, school district lines, and river or ridge boundaries separate markets that look adjacent on a map. Condition is estimated from listing photos, which helps in a state where the housing stock spans a century. Our estimates are frozen at listing and then graded against the real closing price, and the results are published on our accuracy dashboard.

Then run your own numbers. Use the ARV calculator for renovation exits and pull local figures from our market pages instead of leaning on a state median. Everything is on the free tools page, no signup needed, and live valuations cover 31 states including Oregon.