Why The Boise Housing Market Leads The Nation [Again]
Gas prices are at historically high levels. Inflation is nearing ten percent. Bitcoin has lost over seventy percent of its value. The economy under the Biden Administration appears to be on the rocks. Is there any good news? Once again, Boise has been named America's most overvalued housing market.
Boise's Most Affordable Rental Homes Are Under 900 SF
Like last year, Florida Atlantic University and Florida International University have compiled their list of overvalued markets, reports the Idaho Statesman.
Many housing experts have predicted that the Boise housing market cannot sustain its historical growth. However, home prices continue to rise in Ada and Canyon counties. The only difference from last year's real estate market is that home buyers and sellers are seeing more homes on the market and price reductions.
Local contractors have told us that building applications have slowed down compared to last summer. The good news is that although homes in the Boise market are still overvalued, prices are being reduced, hopefully allowing more Idahoans to purchase homes.
Unfortunately, wages have not kept up with the skyrocketing home cost. Law enforcement officials have told us that the housing market has prevented several potential law enforcement officers from moving to our area. The prospective Idaho law enforcement officers cannot afford to buy or rent a home in Idaho under the current market conditions.
National experts warn that Boise and other housing markets will have a 'correction' due to the gap between wages and the cost of home ownership. The Treasure Valley is experiencing a labor shortage like the rest of the country. We'll continue to monitor this story and update you as it develops.