Idaho Home Prices Continue to Skyrocket
Forget the stock market, gold, or other get-rich schemes if you want to make money, buy homes in Idaho. But, then again, if you can afford to buy a home in the Treasure Valley, chances are you don't need the money because to buy a home here, you have to have a lot of money.
So another cliche that we'll use today is the old one; the numbers don't lie, and here are the numbers for our area.
Home prices in Ada County rose by a record 45.4%, reports Channel 7 via the MLS. The example given in their article was frightening. Last year a home in Ada County valued at $360,000 is now worth over $523,000. I don't think Google or Facebook's value has risen so fast in a year. Do we have to ask why? Nope, the answer is there's no inventory, so prices continue to increase to overvalue the Treasure Valley Housing Market.
One Idaho city is looking at housing taxpayers in tents because workers cannot afford homes. You can read that story here. This article isn't the first time we've looked at the lack of oversight on affordable housing. Again, you can read those stories here.
If you can't afford a home in Ada County, historically, folks would buy homes in Canyon County. Are there any deals in Canyon County? Homes in Canyon County rivaled those in Ada County. The median home price in Canyon County is $410,000, up from $270,000, a rise of 48%. One would say that's an incredible return on investment in any financial arena.
The bubble continues to expand as more folks move to Idaho. The Gem State is not immune to the escalation population. The New York Post details how East Coasters are invading Whitefish, Montana. So far, no leader in the West has addressed the ever-rising costs of home ownership. Is there a solution? Should state/local government mandate affordable housing?
We elect leaders to solve problems. But, so far, there hasn't been a leader to step up to solve the escalation nation. Will the bubble burst? Stay tuned true believers.
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