Boise Home Prices Rising Thanks To Rich Outsiders Report Says
The Boise housing market leads the nation in rich out-of-state folks driving up the average home price to historical levels, a new report from a prominent publication. The pandemic fueled the flight of high-tech, highly compensated remote workers that chose to move to Idaho.
The one time left for dead, Tamarack Resort became a one-of-a-kind resort/remote work home paradise for Americans who wanted safety, freedom, and the outdoors all in one place. Tamarack suddenly became a place not only to visit but a destination to live. Idaho became the fastest growing state in the country thanks to the massive influx of remote workers seeking their Idaho dream.
The Economic Impact of Outsiders Driving Up The Boise Home Market
The report courtesy of Redfin says that Boise led the nation where cities saw an increased growth due to massive migration. Most experts attribute that migration to the pandemic. Boise's income growth grew over 24%, edging out Austin, Texas, at 19.1%.
“For white-collar workers earning high salaries, remote work is a huge financial boon. It enables them to move from a tech center like San Francisco to a more affordable part of the country like Boise or Salt Lake City, get more home for their money and save some for a rainy day,” said Redfin Senior Economist Sheharyar Bokhari. “It can have the opposite effect on locals in those destinations–especially renters–who are watching from the sidelines as home prices skyrocket while their income stays mostly the same.”
The influx of big money from out-of-state buyers pushed many Idahoans out of the housing market. The Boise market has been the most overvalued housing market in the country due to two factors. Low inventory and folks were moving to Idaho with unlimited cash offers.
Rising interest rates, decreased migration, and increased available homes have caused the Boise market to return to a more traditional model.
These Are the Cheapest Homes in 8 Parts of the Treasure Valley
The Five Cheapest Homes for Sale in Idaho's Richest City
5 Most Affordable Boise Homes With Spectacular In-Ground Pools