Home | Previous Issues



Bandon, Oregon

This cute seaside hamlet is tucked along Oregon's rugged southern coast and is a place where water vistas invigorate the soul. The economy depends primarily on tourism and cranberry exports, and the red fruit's history is celebrated every September with the fun Cranberry Festival.

Downtown is touristy and deliberately rustic-looking with gray, weathered storefronts, decorative streetlights and flower baskets dangling from walkway overhangs. There are a few restaurants, a jam store, an organic market, candy stores, galleries, bookstores, and more. The Sprague Theater and the Bandon Playhouse hosts various events.

The waterfront has a marina, a popular boardwalk, Weber's Pier and a crabbing dock. Bullards Beach State Park has yurts and horse stables. Beautiful Bandon Dunes Golf Resort is outside of town. The Bandon Marsh National Wildlife Refuge is an oasis for migrating shorebirds.

Most residences are a variation of ranch rambler and sit on lots with mature vegetation. Numerous artists and photographers make their home here.

Cost of Living

Bandon is a cozy coastal town with an overall cost of living 5% higher than the national average.

The median household income is $32,475.

Real Estate

The median home price is $366,440. This is a 16% increase over the previous year. For comparison, the national median home price is currently $341,600.

Estimates are that Bandon real estate prices will increase by 5% over the next year.

The median rental price is $905 per month.


Bandon has 3,100 residents and has maintained its population during the last decade. The town is known for its rock formations along the beach. Winters can be a little dreary.

The median age is 57. For comparison, the median age of the U.S. population is 38.

Southern Coos Hospital and Health Center is the local hospital.

The crime rate is well below the national average, but the poverty rate is above national average.


Oregon has no sales tax, so Bandon has no sales tax.

Oregon does not tax Social Security but it taxes income from retirement accounts (IRAs, 401(k)s) and pensions at rates between 4.75% to 9.9%. A 9% credit is available to people below a certain annual income ($22,000 to $45,000) and with less than $7,500 to $15,000 in annual Social Security income.

The average effective property tax rate (the annual tax payment as a percentage of median home value) in Bandon is .910% The annual taxes on a $366,440 home are approximately $3,334.

Mortgages for Retirees

As people live longer and mortgage rates are at historic lows, more and more retired folks are considering obtaining a mortgage rather than paying cash for a new home. You are never "too old" to get a mortgage, thanks to the Equal Opportunity Credit Act, as long as you have the means to do so.

Having said that, retirees face some unique challenges when it comes to qualifying for a mortgage. Most mortgage lenders will look at the same criteria as they would for a young first time homebuyer, including your credit history, debt to income ratio and monthly income. The good news is that Social Security benefits and distributions from 401(k)s, IRAs, and other retirement accounts count as income.

However, because retirement accounts become depleted over time they have a defined expiration date. As a result, a mortgage lender will want to know that the distribution income will continue for at least three years after the date of the mortgage application.

It is also important to keep in mind that if your retirement accounts consist of stocks, bonds, or mutual funds or other "volitle" investments, mortgage lenders will only use 70% of the value in the retirement accounts to determine your mortgage qualifcation.

And while Social Security counts as income, if you are drawing on a family member’s record, such as survivor benefits or spousal benefits, then the income must be documented as payable for at least three years from the mortgage application date.

If you cannot qualify for a traditional mortgage, then a reverse mortgage might be an option. Fannie Mae and Freddie Mac also have programs that can make home buying easier. Check with a reverse mortgage lender or these goverment agencies to see loans and programs available to you.



Home | Privacy Policy | Contact Us


Webwerxx, Inc. Copyright (c) 2011-2021.

All rights reserved. No part of this electronic publication may be reproduced in any way without the express written consent of Webwerxx, Inc. Reproducing any original part of this publication without written permission from Webwerxx, Inc. is plagiarism. Numerous attempts were made to verify the accuracy of the information contained in this website, but some information may have changed since each article and/or report went online, and Webwerxx, Inc. is not responsible for inaccurate information contained in its articles and/or reports.