As an apartment market, Portland is not quite as expensive as generally thought, at least compared with other West Coast markets, and hyperexpensive places like New York City.

That is the conclusion of a new study by CBRE Research comparing how much apartments cost compared with average incomes.

As of the second quarter, Portland's rent-to-income ratio is just a shade under 25%, at 24.96%. The average income in metro Portland is about four times average rents.

That is higher than some places, such as Raleigh at 18.77% or Austin at 21.53%, but a lot less than other markets, as well as the national average of 28.99%.

The highest rent-to-income ratio in the country is New York, at 51.33%. Other pricey markets include LA at 42.95%, San Francisco at 38.57% and San Diego at 33.28%.

Among major West Coast markets, Portland has the lowest rent-to-income ratio, according to CBRE.