CBS: ‘Boise Having Biggest Gold Rush since the 1860s’
The Tiffany network sent one of their correspondents to Boise investigating how Idaho's capital city could be the most expensive place to live in America. This story is old news for most of us that home prices are out of control. Although some experts believe we could see significant price reductions in Ada and Canyon counties.
The network reporter spoke to a local realtor who echoed the reports many shared on the radio and social media. The report failed to mention that homes prices have begun to fall at a low rate in Ada and Canyon counties. Historically home prices fall during the winter months through the holidays and cold temperatures.
Affordable housing in our area continues to be a problem for most Idahoans. The housing influx has been fueled by retirees who've sold their homes, paying cash for their homes in Idaho. Those new buyers inflate the value of the market, thus raising home prices, causing most Idaho workers to be left out.
CBS points out that the current median home price in Boise is $534,950, which is ten times higher than the median income for one person. CBS continues by reporting that the price is almost nine times higher than a couple's income. You can watch the entire report here.
Several local real estate agents who've worked in the Boise/Treasure Valley market tell us they do believe that prices will stabilize. Outside real estate experts believe that the Boise/Treasure Valley market could crash or undergo a massive correction. Politicians pledge to make Idaho homes affordable for Idahoans. Let's hope all of these conflicting narratives intersect for the betterment of Idaho homeowners.
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