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Thanks for the information and clarification. I am surprised that more Californians have moved to Wyoming. It used to be that most people who did move to Wyoming didn't last there for the first winter. Now it appears as I have heard that the population in Wyoming is going up and not down as before as one of the few states where the population is going down.
The changing climate may have something to do with this population increase.
Last winter was the first one in several years that was as long, cold, and snowy as the average winters once were here.
Winter will always be cold here, with some snow, but the temps have been warmer throughout the 21st century.
Thanks for the information and clarification. I am surprised that more Californians have moved to Wyoming. It used to be that most people who did move to Wyoming didn't last there for the first winter. Now it appears as I have heard that the population in Wyoming is going up and not down as before as one of the few states where the population is going down.
Wyoming is growing very slowly and lost population before the pandemic and increased slightly during the pandemic. It's growth is nothing like Idaho's or Utah's.
Why Americans making over $200,000 are flocking to Idaho and Montana
Idaho has seen a particularly accelerated rate of high-earners moving to cities such as Boise and Meridian. Idaho was ranked as third in US News' Best States Ranking, which looks into economy, education, and healthcare. Idaho's low taxes, strong employment and GDP growth, and regulatory environment have pulled in both entrepreneurs and leaders in agriculture, manufacturing, and technology.
Soon Treasure Valley will be considered unaffordable by anyone making a middle-class living.
I believe this is happening all over the USA now but especially in Idaho/Treasure Valley.
East Idaho might be better in this respect as far as getting a new home/new construction.
My guess: There's a buying opportunity for those wanting to get into the Boise RE market before spring '23.
Looks like March 2023 was the low, with September 2023 prices recovering to about equal with last year. Those predicting a big crash in prices were *way* off.
Ada County's home prices, which plummeted by 16% year-over-year in March, have made a surprising rebound, ending September at nearly the same figures as the previous year. This stability amidst rising mortgage rates paints a captivating picture of the current housing market's resilience.
I don't know where the market goes from here. My hunch is that we continue bouncing around more-or-less flat or slightly increasing prices for the next year or so, with continued low inventory and high demand on the lower end, and slower sales at the high end. If Boise can build enough apartments/multi-family this should lower rents or at least keep them in check. But I don't see overall housing prices decreasing a lot as long as people keep migrating here or perhaps until we hit a major recession.
Who is still buying? Must be people still relocating with cash or very good remote jobs? two years ago a 600k house with 20% down and a 3% loan, PITI was around 2307 a month, today that same loan would be 3805. If I can only qualify for a 2300ish monthly payment, all I can now afford is a 350k home. Kicker is that 600k home now only rents for 2400.
Who is still buying? Must be people still relocating with cash or very good remote jobs? two years ago a 600k house with 20% down and a 3% loan, PITI was around 2307 a month, today that same loan would be 3805. If I can only qualify for a 2300ish monthly payment, all I can now afford is a 350k home. Kicker is that 600k home now only rents for 2400.
People appear to have lots of money $$$. Driving around in their fancy cars. I often wonder do they have a money tree growing in their yard or are they drug dealers
People appear to have lots of money $$$. Driving around in their fancy cars. I often wonder do they have a money tree growing in their yard or are they drug dealers
Half of my "neighbors" cashed out in CA and moved up here 2-4 years ago. I still think it's a thing today even with the huge spike in property values.
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