Cost Of Living In Corvallis, Oregon (Taxes, Housing & More)
Thinking of moving to Corvallis? This small town in Oregon is only an hour from the ocean, and has a population of just over 54,000 residents. Surrounded by nature and not much else, Corvallis is also home to Oregon State University, as well as the Good Samaritan Regional Medical Center.
With a cost of living index of 112.8, Corvallis is considered more expensive than average to live and work in. You’ll see why in a moment – with high housing prices, it can be costly to live here. If you’re considering making the jump for school, work, or a change of pace, be sure to have all your financials squared away. This beautiful town has a lot to offer… but as with anything, it comes with a price!
Housing Costs in Corvallis, Oregon
Median Home Values in Corvallis, Compared
|Location||Median Home Price||Homeownership Rates|
Home prices are noticeably higher in Corvallis than the rest of the United States, and even within the state itself. With a housing cost of living index of 163.6, Corvallis comes in as significantly more expensive to buy and own land in. There are a number of factors involved, including the limited city space and the desirable location. It does mean, however, homeownership rates are startlingly low.
Median Home Prices in Corvallis, Oregon
|Value of Home||Percentage of Homes|
|$975,000 and Above||2.5%|
It’s easy to see – there simply aren’t many homes offered at a lower price in Corvallis. The average home was built between 1970 and 1999 – 48.5% of homes, in fact. Just 17.3% of homes were built after 1999, and 27.2% were built between 1940 and 1969.
47.1% of homes are single-family dwellings, with 11.2% being smaller apartment buildings, and 32% being large apartment complexes. 31.3% of homes have 2 bedrooms, while 32.3% of homes and 3 bedrooms. Just 14.9% of homes have 1 bedroom.
Rental Costs in Corvallis, Oregon
|Housing Size||Corvallis||Corvallis Metro||Oregon||United States|
Approximately 62% of residents in Corvallis choose to rent their home for one reason or another – a big factor is, of course, price. The average rent in Corvallis is lower than both the US average and the state’s average. This is especially appealing when you consider the high median home value in the area. It seems Corvallis’ market has priced many people out and will continue to do so.
The state, as a whole, also has an average rent lower than the national average. Though, Oregon takes the fifteenth slot on the list of the states with the highest average monthly rental prices in the United States. The average monthly rent for an apartment in Corvallis is $1,389, which is slightly higher than the statewide average of $1,110 per month.
To put things in perspective, the following table outlines how the average monthly rent in Corvallis compares to other cities in the state of Oregon:
Taxes in Corvallis, Oregon
Taxpayers in Corvallis, Oregon only pay two main forms of state and local tax: local property taxes, and a state income tax. There is no sales tax in Oregon. The state’s progressive income tax system ranks among the highest in the country, while the average effective property tax rate in Corvallis is slightly above the national average.
Sales Tax in Corvallis, Oregon
Great news! The base sales tax in Oregon is 0%. Only a handful of states have zero sales tax, and Oregon is one of them. This can save you a lot of money when you add it up. While local governments have the right to impose their own sales tax on residents, Corvallis currently has zero sales tax, and intends to keep it that way. This means you’re paying nothing ‘extra’ when you purchase goods or rent equipment.
Property Taxes in Corvallis, Oregon
In Benton County, Oregon, where Corvallis is located, the average county property tax rate is 1.160%. This is higher than the national average of 1.070%, as well as the state’s average, at 0.900%.
This means for a home purchased at the median value of $349,282, the average resident would pay $4,052 in annual property tax. This is nearly $300 more than the national average, or almost $900 more than the state’s average. With already-high property values, this tax is just an extra expense to keep in mind.
Income Taxes in Corvallis, Oregon
In addition to a higher-than-normal property tax, Oregon residents pay a surprising average of 8.75% in state income taxes. This is significantly higher than the national average and considered one of the highest in the country. If your household income is $40,425, the median in Corvallis, your state income tax will be over $2,700. This obviously doesn’t include any federal taxes you’ll have to pay on top of that.
The total income tax, both state and federal, would be over $9,000, bringing your take-home pay to just over $31,000. This is something big to keep in mind, that so many people overlook when moving to a new state!
Utility Costs in Corvallis, Oregon
The utility cost of living index in Corvallis is 80.7, making it significantly cheaper than the national average. The typical 915 square foot apartment costs about $130 a month for the basic utilities, including electricity, heating, cooling, and water. The average high-speed internet bill in Corvallis is $67/month.
The average cost of residential electricity in Corvallis is 10.38¢/kWh. This is noticeably lower than the national average of 11.88¢/kWh, but greater than the Oregon average, which is just 9.8¢/kWh.
Food Costs in Corvallis, Oregon
|Food in Corvallis, Oregon||Price|
|Average Meal for 1||$13-$15|
|Mid-Range Meal for 2||$50-$55|
|Gallon of Milk||$3-$3.50|
|Loaf of Fresh Bread||$3.50-$4|
|1lb of Bananas||$0.75|
The grocery cost of living index for Corvallis is 101.7, making it slightly above average versus the rest of the United States. One of the reasons for this is how remote Corvallis is. While it is just an hour from the ocean, Corvallis is surrounded by mountains and nature. That is beautiful, but also isolating – and there is a lack of variety when it comes to where you purchase your groceries.
The median household income for a Corvallis resident is $40,425, lower than the US average. Experts recommend 11% of your household income be dedicated to food and groceries. This gives the average Corvallis resident $4,446 annually to spend on food, or $370/month. That is less than $100/week.
Transportation Costs in Corvallis, Oregon
With a transportation cost of living index at 78.9, Corvallis is significantly cheaper than the rest of the United States to get around in! Transportation costs are another important factor that you must consider in order to determine the overall cost of living in a particular location. These include expenses such as gas prices, public transportation costs, and car insurance premiums.
If you’re tired of driving, Corvallis is for you. The average one-way commute for a Corvallis resident is just 16.9 minutes, significantly shorter than the national average of 26.4 minutes. Only 58.4% of people drive their own vehicles to work, while 7.2% carpool, 7.3% work from home, and 3.3% take mass transit options. Over 12% bike to work, and 10% simply walk!
There are several bike rental stations in downtown Corvallis, if you don’t wish to walk or drive. Rates start at just $20 and go up from there, depending on how long you wish you keep the bike and what type of bike you want. An electric bike can be rented from Corvallis Electric Bites starting at just $25 for two hours, with the price of $10/hour after that.
Cost of Gallon of Gas, Compared
Public Transportation in Corvallis, Oregon
The city of Corvallis has a public transportation system made up of buses, called the Corvallis Transit System, or CTS. Great news – the reason so many people use it to commute to work is that it is completely free. Some cities in the US have moved to a completely fare-less public transport system because it costs more to collect the fares than they make, and providing value to the community is more important.
There are 11 routes in total that run within the city and surrounding areas. The ‘center’ of the system is near Central Park, at the Downtown Transit Center. This is located on 5th and Monroe.
Annual Car Insurance Premiums in Corvallis, Oregon
The average car insurance premium in Corvallis, Oregon is $1,180 per year. However, your rate can vary quite a bit based on your age, driving record, the insurance company you choose, and whether you opt for full or minimum coverage. To help illustrate how car insurance premiums differ depending on where you live in Oregon, the following table displays average annual car insurance rats in five Oregon cities:
|City||Average Annual Premium for Full Coverage||Percent Increase in Average Annual Premium|
Schools in Corvallis, Oregon
There are 14 elementary schools, 7 middle schools, and just 3 high schools in Corvallis, with 12 schools total being in the public school districts. There is 1 public charter school and 35 private schools. Combined, the schools serve nearly 7,000 students annually.
Corvallis public schools regularly rank within the top 10% of public schools in the state. The school system has an average math proficiency score of 53% and an average reading proficiency score of 64%. Both of these are higher than the state averages, which sit at 41% and 56%.
However, the student: teacher ratio is a surprising 21:1, higher than the state’s average of 20:1. The national average is just 16:1.
Entertainment Costs in Corvallis, Oregon
Within an hour’s drive you can be on the beach, but if you’re looking for things to do within the city itself, don’t worry – there are plenty. As noted before, a bike rental is both cheap and easily accessible, so for $20, you can have several hours of biking fun across the downtown area. There are lots of hiking and wilderness to explore, with the William L Finley National Wildlife Refuge, the Peaty Arboretum, and the OSU McDonald-Dunn Research Forest all within city limits.
If you prefer the arts, there is an art gallery downtown, called The Arts Center, and a local theater, Majestic Theatre. Majestic Theater has been around for over 100 years, and tickets range from $5 to $20, depending on the production.
Clothing Costs in Corvallis, Oregon
|Item of Clothing||Price|
|1 Pair of Name-Brand Jeans||$52|
|1 Summer Dress (From a Chain Retail Store)||$53|
|1 Pair of Name-Brand Shoes||$77|
|1 Pair of Dress Shoes||$82|
Just like with the food issue, a lack of diversity and options when shopping in Corvallis means your choices are limited. There are a few shopping centers within the city itself, but most are larger chain stores.
Should You Move to Corvallis, Oregon?
Great question – but only you can decide! Corvallis is a charming little town with a lot to offer, but does have a very high cost of living compared to what is there. Property, especially, is extremely high, so if it is important that you own your own home, you might find frustration looking at the housing market.
On the flip side, Corvallis is full of hiking, nature, and the outdoors. It has a smaller-town feel with lots of larger-town elements and a really excellent school system. Before you make the jump, be sure to carefully evaluate what is important to you, and your family.
If you’re not completely sold on Corvallis but are still considering relocating to the Beaver State, check out What Are The 10 Fastest Growing Cities In Oregon?
Mary Newman thought that home improvement was all painting and putting down throw rugs... until she bought a fixer upper, and realized it's so much more. With a passion for helping others NOT make the mistakes she did, Mary seeks to always improve her home - and yours, too!
More by Mary Newman