Boise – America’s LEAST Affordable Housing Market
We knew it was getting expensive in the Treasure Valley, but it's worse than we thought.
For years, it's been said that Boise is the fastest-growing city in America. A byproduct of that is the City of Trees also being considered one of the least affordable places to live in the US. When people move in from out of state, housing prices go up. When housing prices go up, Boise natives get priced out of their homes.
It's not uncommon to hear about folks in Boise having their rent increased $200, $300, even $400 a year due to the rising cost of the housing market in the Treasure Valley.
Here's the thing. It's not just one of the least affordable markets in the US, it's one of the least affordable markets on this continent. According to the Seattle Times, Boise is now even less affordable than the notoriously expensive Vancouver, British Columbia in Canada.
So how does one determine what housing markets are expensive and which ones are affordable? Good old fashioned math, baby. To put it plainly, if a city's median-income household can afford a median-priced home, that's considered "affordable." In Boise's case, the average home cost is now a whopping 72% higher than what the median-income home buyer can afford.
A few other homes listed by the Seattle Times that join Boise as some of the least affordable housing markets include Las Vegas, Los Angeles, Toronto, Portland, and San Jose.
Do you think Boise is overpriced? Have you been having to pay more rent/mortgage the past few years? Let us know!