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Most of California has the same numbers too as Boise, not sure how people do it??
Irvine CA median income is $90,585
Median Sale Price is $802K in Irvine
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Originally Posted by FishingParadise
You have to realize that the median household wage in the Boise area is something like $50k. When the average home in Boise is $300k, that doesn't compute.
Most of California has the same numbers too as Boise, not sure how people do it??
Irvine CA median income is $90,585
Median Sale Price is $802K in Irvine
I agree...this is not a Boise issue but rather a national issue. It is pretty common to read about people in San Fran or Seattle making decent $$ at their jobs but cannot afford a place to live, or they have to live with several roommates.
I've had friends move to Portland from Boise hoping to make it but ended up coming back to Boise because Portland is too expensive and wages are low. They can make in Boise though and are getting by just fine as new home owners.
The reason Boise's housing supply is so low is that people here can't afford to put their homes on the market, because even though they stand to make a lot of money from their homes, they lose that benefit trying to buy again in that same market.
In our particular situation, we bought our last home in 2011. We paid $200k. We owe $175k now. It is likely worth $300k right now. That leaves us $100k to bring into our new home. To keep us at the same payment, that effectively means we can buy a $300k house, which is where we're at anyway, and certainly doesn't get us in a nicer house or location. So why sell?
So the only people selling are those moving away or flipping. Which is why inventory is so low. Can't rely entirely on new homes.
I have been wondering about the supply problem in Boise and think you have nailed it. If you own, there isn't any point in moving unless you are downsizing or moving away. Factor in the property taxes in Boise and the rising interest rates and it really becomes unappealing.
Dennis Miller: Idahoans’ anti-Californian ‘whininess’ correlates to time spent here
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Q: Boise is now the fastest-growing city in the nation, according to Forbes. This has made native Idahoans somewhat touchy about California immigrants, who impact the cost of living here. You have homes in both states. What do Idahoans do to address this influx of Californians?
A: I would say the good thing about everybody in the country being touchy on every single f***ing issue renders it a moot point. Because everybody’s touchy about everything. So therefore, nothing’s touchy.
Q: (Laughs) Well, dammit, Dennis, you bring those California prices to town, and it changes everybody’s economy. I think that’s what the big worry is for the most part.
A: Well, I’ve been there 20 years, and I’ve found out that people’s whininess is in direct proportion to how long you’ve been there. You will find somebody out there that says, “20 years, well, good for you. I welcome you as a citizen.” And then there’ll be somebody else that says, “I don’t start recognizing people as Idahoans until (the) 21st year.” So what are you gonna do. Everybody’s p***ed about everything
Wow, way to go Boise. I really like Boise and have considered relocating there I the right scenario. Still a bit colder than my preference.
Boise has low humidity values and reasonable summer low temperatures compared to the Southeast US, Lower Midwest, Mid Atlantic, or Ohio Valley. It is not cold relative to anything in the northern US east of the Rockies at all.
I am looking at moving to the Boise region right now, just starting the interviewing process again. I wouldn't advise anyone to move to the Ohio Valley, too many negatives overall in the way the region functions as a whole.
No problem, I wasn't targeting you, just sharing my thoughts.
I wonder at what rate housing values will really increase. I checked Zillow after we bought our house in Eagle, and it still hadn't hit its high back in 2006-2007, which was a surprise. Granted, it was at a high then, but it took a decade for it to hit it again.
The homes in CA took a big dump too, but hit their highs again in just a few years. Hopefully you can get here, it's a great place to live and I love it. I read about all of the ridiculous stuff going on in CA on a regular basis, and it's great watching it from afar.
California has a 10 year (approx) real estate cycle. Most of the rest of the country is much more flat as far as ups and downs.
I'm seeing a lot of out of state buyers moving to Boise who are bringing their jobs with them.
The difference in technology in the last few years has enabled a lot more remote working.
Pre 2008, it wasn't so much like that.
That being said, as long as one has employment squared away, why wouldn't they want to move to a lower cost area?
If Boise and the Treasure Valley ever get so expensive that people no longer want to/afford to move here, then we have reached the peak demand for housing.
I think we have a few years before we get to that point, if ever.
In the past 3 years, 2 of my adult kids and their families have moved to Idaho- one in Nampa and one in Caldwell. They're holding 5 of our 6 grandkids hostage (JK), but we are seriously considering moving. I'm a staff appraiser for a huge insurance company/appraisal management company, without a presence in Idaho. It's possible they would open a "virtual office" for me, and I could be their only appraiser in the state. Much better than fighting for work in Temecula! If I can work from home, which I do already, and get as much work as I want, why wouldn't I see that as a positive? Kids LOVE the area, and I love the grandkids.
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