"Median Household Income: $41,128 Median Home Price: $263,200"
Even worse demographics and far more disgusting. People here are brain washed. They think they are making real money. They line up by the dozens to put their names on waiting lists to work at Trader Joes. Trader Jose is one of the best employers in town offering full benefits. The city is recovering slowly from 10% unemployment in 2001. As soon as people had jobs, they went on a spending binge. A guy I know makes $ 32k a year and bought a $ 215k home. When the real estate bubble explodes it may hit Portland harder than any city on the left coast.
"Median" numbers can be tricky. I'm thinking that this might indicate two populations: one that's living in $263,200-and-up houses and condos, and another - probably the majority of people, although in fewer than half of houses - that's living in "old Alaska" frame shacks with unrenovated bathrooms.
The financing aspect hadn't occurred to me, but that's probably a driver for the high prices.