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"Excluding California, these charts show Boise (5.5x) having the 5th highest housing price to income ratio behind only Honolulu (6.4x), NYC (6.3x), Miami (6.1x) and Seattle (5.9x)."
Honolulu has tourism, NYC has Wall Street, Miami has drug money, Seattle has Amazon and Microsoft, Boise has... ???
I'm not saying there are excuses for the absurd prices in those other cities, but Boise is searching really hard for a reason to sustain these prices. This real estate bust is going to be epic.
2020 U-Haul inbound migration, Idaho ranks #30 out of 50 states (!!!).
It’s a real nice small city, one that several years ago I could see myself considering if I were to move but I agree, the near exorbitant house prices for the salaries, and for a soon to be retiree like me, general lack of big city amenities, doesn’t represent a particularly compelling option. I’m not struggling middle class and own free and clear my exorbitantly priced home here so I’m not part of the feared Californian exodus to there. I have a lot of family there though so I’m familiar with the area. It’s too bad that it has gotten a bit too popular for its own good to those who would choose it thinking that it represents an affordable option. All things are cyclical though so hopefully in a few years things will begin to stabilize.
That's true.
Retirees have sales, downsize, and rent U-Hauls.
Young folks who have young families use van lines and haul all their stuff with them.
The Treasure Valley influx may slow down, but if it does, it will mean the influx has grown in the Magic Valley, or the Snake River Valley, or in the panhandle.
Idaho was the Great Unknown for almost my entire life, but no longer. Nowadays, people who have never been here know something about my Old Mother. It might not be much, but it's more than famous potatoes, for sure.
And if our weather doesn't attract retirees, that's a good thing. That means the ones who stick aren't daunted by our winters.
It also means the young folks who use vans to move aren't daunted either. They want to come here because they see a brighter future from themselves here.
The retiree's I know use Van Lines not u-huals. Do you have any idea how much Van lines costs? It's like 50k easy. These folks just drive to the destination as the entire house is moved. The young family's have no money for this. They don['t even have the down for a new home never mind 50k to move.
Your from Pocatello so your town is actually backwards. In 5 years here I found many things just backwards.
Umm Van LInes are still the national norm. I'm sure many youngsters do choose to do it on the cheap and still have their backs intact. As for those that are flooding in from California, they can afford the absurd pricing in the Boise area. Consider an average home there hovers at and sometimes well over a Million, a high end home in Boise for say $700k doesn't phase them in the least. They just plop down the cash and are done with mortgages. Must be nice. But that's what sends the prices through the roof........and it's far from over.
The treasure Valley is a melting pot of sorts. We have folks from all over here. Australia, Alaska, England, Africa, and all over the USA. Many Californians as well. Most folks you meet are from some place else just wanting to live in Peace. I tell everyone to come. Everyone wants a slice of the Idaho pie. I mean why not. Idaho belongs to God, no one else, and he shares.
Real Estate is just crazy.
Actually the best Jobs are with the city and county governments. Meridian, Boise and Ada County are the best jobs with benefits. the State jobs pay is just horrific. We are talking a wage of the 1970's. Someone is making a great deal of money here, it's not the workers. It is the exploiters who are already in place. These folks are just greedy.
A great deal of the housing companies, Like Build Idaho, are companies that are located in Southern California. They pay the workers beans and build these homes at slave wages and then expect maximum profit for all work.
It's also a non disclosure state. Nothing makes the news here unless they want it to. Suicides are huge here among the young. No one talks about this. The young are murdering themselves. These young mostly belong to the LDS church who says nothing.
A 17 yr old and a 15 yr old both LDS, ended their lives right in my area, within .25 miles. I have a connection in the coroners unit so I have intel the average schmo does not.
The retiree's I know use Van Lines not u-huals. Do you have any idea how much Van lines costs? It's like 50k easy. These folks just drive to the destination as the entire house is moved. The young family's have no money for this. They don['t even have the down for a new home never mind 50k to move.
Your from Pocatello so your town is actually backwards. In 5 years here I found many things just backwards.
No.
I have moved using a van line, and I've moved using U-Haul.
While the van line was definitely more expensive, it was nowhere close to $50k, and I moved enough junk to fill 2 carriers. My total costs were in the low thousands, not the tens of thousands of dollars.
U-Haul is vastly cheaper, but it's also a riskier and can be a more dangerous, undertaking. That is especially true for aging people who have retired.
It's also a non disclosure state. Nothing makes the news here unless they want it to. Suicides are huge here among the young. No one talks about this. The young are murdering themselves. These young mostly belong to the LDS church who says nothing.
A 17 yr old and a 15 yr old both LDS, ended their lives right in my area, within .25 miles. I have a connection in the coroners unit so I have intel the average schmo does not.
Could you elaborate on this at all? If suicide is very prevalent in the area amongst the young I'd like to know why.
I don't know if it's related but I've seen studies of high suicide rates in higher altitudes.
I think you meant to write, "latitudes".
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p.s. I retired a handful of years ago at age 65+ and moved myself with U-Haul. Mainly because I've heard too many horror stories about damaged goods when shipped via a commercial moving company. I'd rather have control over my "stuff". (Nothing got damaged in the multiple trips back and forth from my old home to my new home.)
I could afford a commercial mover, but why? I'd rather use the money for new bicycles.
A lot of these graphs can be quite misleading, and a more detailed examination is needed before jumping to conclusions. The median priced home is not representative what first time homeowners are looking at. You need to separate out 'starter homes' to get a realistic view of that matter. Plus, what is the quality of life in the lower priced areas in the Treasure Valley versus a similar starter home neighborhood in LA? That 'quality of life' driver is a big factor and enters into the overall equation of setting 'value'.
What destinations do the U haul data represent? And the United Van Lines data? At those destinations in Ada County only or the whole area? I don't think is defined well enough enough to use for proof of anything.
Plus the $404k mentioned is for Boise & Ada County only; surrounding areas have lower priced housing for relief from the higher 'city' prices. If you look at current median prices for Nampa ($285k) and Caldwell ($305k) and Mountain Home ($229k), those prices are all below the national median house price of $320k. What advice do newcomers on this site get when they need a lower priced home? 'Look at places like Nampa and Caldwell'.
See here for a more detailed breakout in the Treasure Valley area:
Could you elaborate on this at all? If suicide is very prevalent in the area amongst the young I'd like to know why.
Because Idaho is a non-disclosure state no one really knows why teen suicide is prevalent. Or even how prevalent it is.
No one can answer your questions with much factual information. The state Health Dept. says teen suicide is a problem, but they don't give out numbers, statistics or much that is revelatory.
And, as was mentioned, the LDS church says nothing at all about it. Not all teen suicides are LDS, of course, but the religion is the largest and most dominant in the state, so it is logical more LDS teens are involved than other teens.
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