Ada County Just Ranked Number 1 in the Country For…
Unfortunately, what we’re about to tell you isn’t surprising news, but it doesn’t make it any easier to hear.
In a new report by MoneyGeek, Ada County in Idaho is officially the least affordable place to live in the entire nation.
How was this determined?
These personal finance experts and analysts studied the changes in homeowner costs, home price appreciations and median incomes between 2019 and 2022.
They found that in recent years, “the increasing cost of real estate has made it difficult for many locals to afford homes in their communities.”
How unaffordable is Boise?
According to MoneyGeek, our housing market has appreciated 59.3% in Boise over the last three years.
The median home price is currently $575,000, which is a record high increase of 22.6% from just last year alone.
However, the median income is only at $35,086, which means that the current housing costs take up about 81% of our monthly incomes.
Furthermore, renting in Boise isn't any better.
Only 3% of rentals in Ada County cost less that $1,000, which is the price point that residents need based off of their average monthly incomes.
What does this mean for Idahoans?
Basically, the prices for homes and rentals are rising exponentially faster than people’s salaries, making Ada County completely unaffordable for those who live here.
What citizens have already feared has officially made national news – we have the least affordable housing in the entire nation.
What can we do about it now?
If only we knew.