Idaho’s Housing Challenge Continues
Idaho home prices have dropped recently, so does that mean that regular Idahoans can hope to own a home one day? Traditionally home prices do decrease after the rapid selling season of the spring and summer. As we reported here, home prices are falling in both Ada and Canyon counties.
Rental Rates Fall Slightly
According to multiple published reports, Boise led the nation with a 40% increase in rent last year. The rent in Boise did drop 0.1% in September. Renters have continued to complain that they are being forced out of their homes due to landlords raising their rents. Rental increases in the Treasure Valley have exceeded 20% in some cases.
Developers continue to build more apartments to service the amount of folks moving into Idaho. Cities across the area have approved more and more building of homes, apartment complexes as well new condos.
Idaho Housing Demand Across the State
As we detailed here, Idaho Ski resorts are now seeing home prices and development occurring even in remote areas of the state. Covid remote workers see the Idaho as a place without long lines and the hassles of living in the big cities. Money Magazine ranked Boise at the thirteenth best place to live in the country. We detail what cities were ranked higher than Boise here.
From the Wall Street Journal on Idaho:
"Idaho is attracting people who want a smaller resort experience—the feel that other Western resorts used to offer but don't anymore," says Thomas Wright, president of Summit Sotheby's International Realty.
Idaho's ski resorts are scattered across the state and their characters are as different as the terrain that surrounds them, from the arid, celebrity-infused Sun Valley, to the insular, pine-tree dense village of Tamarack, north of Boise.