Ada County House Prices Have Gone up 75% in the Last 5 Years
I feel so grateful to have bought a home here in the Treasure Valley five years ago. Since then the market has boomed and there is no way I could afford a home in the Boise area now. A lot of people are being priced out to buy because housing is up 75%.
The average home in Ada County now sits at $350,000. According to an article on KTVB the increase is due to high demand, low housing supply, and rising construction costs.
The biggest problems is wages aren't keeping up with the soaring price of housing.
Typical household income in Boise is between $55,000 and $65,000, not enough to afford that $350,000 home.
Experts say you'd need to make between $80,000 and $100,000 a year to afford the average home in Ada County.
So what happens? Even though I got into a home before the boom, the consistent increase in property taxes has me continually stretched. Many are in the same boat.
I don't know what the answer is, but it doesn't seem like a sustainable situation.
What are your thoughts on the Boise housing crisis?
Do away with property taxes, but increase sales tax?
Increase minimum wage?
I'm afraid will be where big cities like New York and San Francisco are someday. In hot spots like those, you can't get anything under $1,000,000.
It's definitely a sellers market, but a tough deal for those looking to buy.