Migration and Housing (Portland, Hillsboro: 2015, house, tech jobs)

[psichick]

I was looking for a website that I saw about stats on migration and came across this blog hosted by the Oregon Office of Economic Analysis. I gotta say, it's interesting.

And this is why housing is going up (okay, it's just but one peice)....because there are more high-income people here who can afford it. Please note that all data on the website is about 2 years behind. We should be getting 2015 data soon if it hasn't come out already. I'm curious to see the uptick through 2016, but I guess I have to wait until next year.

https://oregoneconomicanalysis.com/2...ncome-housing/

[AnotherPDXGuy]

That is from Josh Lehner at the state who does good work. But that data is still a bit hard for me to believe. That shows since 2007 growth of over 25k households making between $100k and $150k, and growth of over 30k households making over $150k. I still need someone to explain where that many households have been finding jobs of those incomes during and since the recession.

I know we have new tech jobs, tends of thousands in just a few years? And not all tech jobs pay so well.

[cyberous]

What about the legalization of Marijuana, it’s a very lucrative market that no one ever talks about? Its not just the stores, but the brokering/whse/logistics that can bring in big money.

[psichick]

Originally Posted by AnotherPDXGuy

That is from Josh Lehner at the state who does good work. But that data is still a bit hard for me to believe. That shows since 2007 growth of over 25k households making between $100k and $150k, and growth of over 30k households making over $150k. I still need someone to explain where that many households have been finding jobs of those incomes during and since the recession.

I know we have new tech jobs, tends of thousands in just a few years? And not all tech jobs pay so well.

I was shocked about that too, but it does seem like people with money are moving here....granted, having money doesn't mean you're making money. I wonder how many people come and go just due to Intel. Would love to see those numbers.

[psichick]

Originally Posted by cyberous

What about the legalization of Marijuana, it’s a very lucrative market that no one ever talks about? Its not just the stores, but the brokering/whse/logistics that can bring in big money.

Good point. I have been watching Weediquette and they did an episode on migration to Colorado for that specific reason, be it to buy, sell, grow, whatevers. I'm sure the legalization here has done the same.

[oregon911]

Average Intel employee in Hillsboro makes $170,000 per year but Intel might not be representative of all of Portland area employers. Intel employs 17,000 people in Oregon. Most companies probably pay less than that. If you have a married couple where each person makes $75k, this is still $150k for the household income.

[princessgrace79]

Originally Posted by AnotherPDXGuy

That is from Josh Lehner at the state who does good work. But that data is still a bit hard for me to believe. That shows since 2007 growth of over 25k households making between $100k and $150k, and growth of over 30k households making over $150k. I still need someone to explain where that many households have been finding jobs of those incomes during and since the recession.

I know we have new tech jobs, tends of thousands in just a few years? And not all tech jobs pay so well.

Professional jobs are paying more compared to 2006ish.

Household income can easily be two people with professional jobs. We are in that first group, and weren't in 2007. My position the entry starting salary is $60k. Lot of jobs out there in the $55-80k range so it's not a big leap to higher household incomes with two workers.

[patches403]

Originally Posted by oregon911

Average Intel employee in Hillsboro makes $170,000 per year but Intel might not be representative of all of Portland area employers. Intel employs 17,000 people in Oregon. Most companies probably pay less than that. If you have a married couple where each person makes $75k, this is still $150k for the household income.

Uh no, the average Intel employee in Hillsboro does not make $170k a year unless you're adding up all the compensation of everyone including top management and dividing it by the number of employees. Even then I doubt it would come to $170k. I know this because I work with a number of Intel folks in a professional capacity so have knowledge of exactly what they actually do make. Certainly many Intel folks do make over $170k if you count benefits and stock options, but this income level is by no means even close to what many there make.

However, you are right about it being quite common for a 2 income household to easily reach $100 to $150k in income, even without both people having professional jobs. It's quite common to have a salary of at least $50k with 10+ years of work experience.

[oregon911]

Originally Posted by patches403

Uh no, the average Intel employee in Hillsboro does not make $170k a year unless you're adding up all the compensation of everyone including top management and dividing it by the number of employees. Even then I doubt it would come to $170k. I know this because I work with a number of Intel folks in a professional capacity so have knowledge of exactly what they actually do make. Certainly many Intel folks do make over $170k if you count benefits and stock options, but this income level is by no means even close to what many there make.

However, you are right about it being quite common for a 2 income household to easily reach $100 to $150k in income, even without both people having professional jobs. It's quite common to have a salary of at least $50k with 10+ years of work experience.

I actually happen to work at Intel and most people I know (including myself) make around this number, and no, I am not a senior manager or anything. Senior managers make a lot more than that. Intel's Oregon campuses house a lot of high quality R&D jobs where most people have master's or Ph.D. degrees in technical fields like engineering.

Edit: I found an OregonLive article that mentions the exact same number I provided. It says: "A 2012 Intel report pegged its average Oregon wage at $170,000."

Intel layoffs: Questions and answers on pending job cuts | OregonLive.com

[freemkt]

In one of his early books, PJ O'Rourke wrote something to the effect that if you have more money, that doesn't mean I have less money.

But that is precisely how the housing market works. Because people with more money are coming to Portland, existing low-wage residents do have less money after rents necessarily skyrocket.