The Great Migration to Idaho and How the Market is Responding.
If you don't live in California or Idaho, you might not be aware of this widespread migration that's been happening from the coast to the mountains. Regardless of where you live or work, it's important to be in the know when it comes to this trend because odds are -- patterns like this one could continue. People want a slower pace of life and are seeking more balance everywhere and while we'll admit this particular relocation-migration is largely coming from California; the fact remains that there is still a large influx of people moving to Idaho who have little to no connection with the state. At first, Idaho sounds random and in a way -- it is. That is until you start to do some research and before you know it, you're looking for your own new home!
Boise and Idaho Falls are the main areas that are receiving new neighbors but with the state's largest towns being relatively spread out and previously low populations -- the effects are definitely being felt by the locals in the towns. Destinations like Sun Valley are used to a seasonal outpour of visitors -- but usually they go home. While Boise has recently also become a destination for those who want a cute downtown and the outdoors -- more and more people are moving in permanently.
Why Idaho? and Where?
Well, the cost of living for starters, is reason enough for many. Prices for nice, new, beautiful houses are incredibly affordable for many and the gas prices are at least a dollar less than neighboring states -- especially California. The cost of living in Idaho is 7.8 percent lower than the national average. Before the COVID-19 pandemic, Idaho’s unemployment rate was at 2.7%. That was significantly lower than the national average of 3.5%, as stated by East Idaho News.
The median home price in Boise, Idaho rests around 350,000 according to the last 12 months of sales activity provided by Realtor Property Resource and data from the Intermountain MLS. Boise is where most of the transplants are planting roots and for good reason -- the town is hip, fun, beautiful and offers the great outdoors alongside a vacation worthy town. Boise's job market is also blossoming with several tech companies moving there from the Silicon Valley -- which is what brought millennials in the first place. A quick google search will give you several stories of people making Boise their permanent home and the stories range from single millennials fresh out of college to older couples, ready to retire and enjoy their new lease on life.
Boise is the capital of Idaho and many investors say that investing in a capital city that's booming is always a safe bet -- and few would argue against them with Boise's recent numbers. Norada Real Estate comments, "Boise Metro housing market is on fire. The Boise-Nampa metropolitan area, also known as the Treasure Valley, includes five counties with a combined population of over 700,000," further explaining how sought after Idaho has become. According to Redfin.com, Boise is experiencing what makes all markets surge -- a limited supply vs demand. So many people are wanting to head to Boise, some after careful planning and some spontaneously, that there isn't enough real estate to go around. Of course, this is great for sellers and their agents and poses an irritating issue for buyers and the agents assisting them. As with everything though, it's human nature to want what is in high demand/we can't have and so this competitive seller's market is only making more people want to invest in Boise, Idaho.
Nobody can argue the appeal that young buyers can own a home instead of renting well into middle age, like most must do in other metropolitan cities across the nation. It's no secret that starting salaries in most industries do not equate to affording a home anytime soon -- but in Idaho, this simply isn't the case. The opportunities for moving your family and your career forward are no longer mutually exclusive in Idaho -- the sought after work-life balance exists in Idaho and seems to be alive, well, and expanding.
While those who move into the state are thrilled about the prices, according to Business Insider, some locals feel the opposite. Those who have called Idaho home for their lifetime have seen a rapid rise in housing costs and feels that some salaries haven't kept up with the rising expenses. Some Idaho natives resent the higher populations and the increase in job competition. This makes sense and is only fair and while some unhappy locals aren't enough to deter most from moving, it's something worth noting.
Idaho Falls is second to Boise when it comes to where people are buying real estate -- but not by much. Located in the Rocky Mountains and close to Yellowstone National Park, Idaho Falls is a great place to visit at all times of the year. If picked first; Idaho Falls is picked over Boise mostly for its affordability. River Realty in Idaho Falls comments that the median home price in Boise is upwards of $307,000, whereas it's $220,000 in Idaho Falls. This makes purchasing a home even more attainable for first time homebuyers, or any buyers for that matter. Idaho Falls has several schools near it, a quaint downtown with a beautiful river walk, and several communities neighborhoods to choose from -- some with land and some a bit more urban.
Realtor.com reports that the listing price of homes has been trending up by over 19% each year and rising. That statistic alone is proof that Idaho is trending and shows no signs of slowing down. In early November of 2020, also according to realtor.com, there were almost 150 homes available to buy in Idaho Falls ranging from 39,000 to 7.5 million dollars. There's something for everyone and plenty of inventory for one town. While Idaho Falls only has about the quarter of the population of Boise, about sixty-thousand people, that might be changing soon if these shifts continue.
While Californians are mostly flocking to Boise and Idaho Falls and gaining headlines for it, other areas are both moving from and being moved into. Idaho News reported that in 2018, over eighty-thousand people relocated to the state of Idaho. Where from? 26% from California, 18% from Washington State, 8% from Utah, 6% from Oregon, and 5% from Texas. While other states also had residents move to Idaho, it was at far lower numbers. If agents are paying attention to trends and the news -- California, Washington, and Oregon are no brainers as the largest cities in all three of those states have all recently come out with extremely high cost of living prices and competitive job markets. Idaho boasts having the best of both worlds and as they said, if (the contractors) build it, the (buyers) will come!
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