Does Boise Need to Be Prepared For Another Californian Invasion?
WalletHub has determined that Boise is a great place for first-time homebuyers, but why?
Buying a home can be stressful for anyone, but for a first-time homebuyer, the process can become overwhelming, especially in a competitive market. In 2021 34% of the homes purchased nationwide were from first-time homebuyers, but with soaring home prices in 2022, that fell to 26%.
WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life. Their data set ranges from cost of living to real estate and property taxes.
Where does Boise rank across those 300 cities?
Boise, Idaho, was ranked the highest in the pacific northwest and 8th nationwide. WalletHub also divided it into different city sizes, large, midsize, and small. Boise, Idaho, was 4th in the midsize cities, following Cape Coral, Florida (1st), Port St. Lucie, Florida (2nd), and Gilbert, Arizona (3rd).
According to Redfin, the housing market continues to be very competitive, with homes receiving three offers on average and selling in around eight days. The Median sale price of a home in Boise was $511k last month (June), down 4.5% since last year.
If this trend continues, will more Californians move to the Treasure Valley?
The best place for first-time homebuyers in California is Roseville, 44th on WalletHub's list. Los Angeles homebuyers searched to move into Boise more than any other metro, followed by San Francisco and Seattle. According to Redfin, the median sale price of a home in Roseville, California, was $640k last month. That's more than $100k more than the median home price in Boise.