Oregon Lawmakers Set Ambitious Goal to Expand Homeownership by 2030

In an effort to promote economic stability and generational wealth, Oregon legislators have approved a plan to significantly increase homeownership across the state. The goal is to help more than 30,000 additional residents become homeowners by the year 2030.

House Bill 2698, passed by the Senate with a 23-6 vote, establishes a target homeownership rate of 65% by the end of the decade. The bill also sets additional growth benchmarks of 1.65% for each of the following 5-, 10-, and 15-year periods. To monitor progress, it requires the Oregon Housing and Community Services Department to create a public dashboard, which will include data broken down by race and ethnicity to track disparities and ensure equitable outcomes.

Current data shows that homeownership in Oregon stands at 63.4%, placing the state 39th nationwide. Racial disparities remain significant: a higher percentage of white and Asian residents own homes compared to Black, Hispanic, and Native American residents.

Oregon’s housing challenges have developed over time due to limited new construction, population growth, and wage stagnation. Today, more than 240,000 low-income households exist in the state, but only around 113,000 affordable housing units are available to them.

While the bill doesn’t attempt to address every factor contributing to the housing crisis, lawmakers see it as a foundational step for guiding housing policy moving forward. By setting measurable objectives and tracking outcomes, the state aims to more effectively plan and prioritize housing efforts.

The bill passed the House earlier by a wide margin and now heads to Governor Tina Kotek for final approval. If enacted, it would take effect immediately.

Debate Over Supply and Policy Tools Continues

Although most lawmakers supported the initiative, some raised concerns that setting goals without directly increasing the housing supply will not be enough to address the scale of the problem. A state-commissioned report released in January estimated that Oregon needs to build nearly 29,500 homes annually—primarily in the Portland metro and Willamette Valley regions—to meet current demand.

Critics of the bill expressed skepticism that progress can be made through tracking dashboards and benchmarks alone. They argued that meaningful solutions will require policy changes that make it easier to build more housing across the state, especially in communities that have historically resisted new development.