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- Expect strong home price increases over the next few years. Growing renter markets because many new jobs are in services, with low pay. Mortgages are a good investment because risk is low. Expect a high level of new construction. Best opportunities are probably in the Canyon County sub-market of Boise.
- The western mountains originally were difficult places to live, people came mainly to work the mines or to be left alone. Today, the former isolation of many Mountain State communities is the very source of their attraction - a low cost of living and plenty of natural environment. Aside from Salt Lake City, these are smaller markets - but growing very rapidly. The local economy is sometimes anchored by a university or government service, but the main driver of growth - and the opportunity for investors - is the desirable life-style. This shows up as new jobs in retail stores, healthcare and restaurants.
- Smaller markets are riskier places to invest - a few big employers can swing the demand for housing - but they're also off the radar of large investors, and they're more fun to visit. Here's our assessment of nine Mountain markets and sub-markets.
Ada County, Idaho - Boise
- Strong population growth. Micron anchors a rapidly growing tech sector. Job growth is double the national average. The strong growth of tech jobs - with their high income - boosts the real estate market (which is also a risk). I expect home prices up 31 percent over the next three years. The high-pay tech jobs in turn produce a lot of low-pay jobs in retail, healthcare and restaurants - a renter market. I expect 6,000 new single-family homes built over the next three years, 5,000 rental units. The ratio of prices to rents makes single-family rentals an attractive investment.
Canyon County, Idaho - Boise
- The smaller but even faster-growing sub-market of Boise. Strong population growth and jobs growing at triple the national average, many in retail, healthcare, restaurants. Despite more retail stores and restaurants, the county is underserved for both. Home prices are much lower than in Ada county; I expect a 33 percent increase over the next three years, also 4,000 new single-family homes, 3,000 new rentals. The low home prices make single-family rentals a very attractive investment right now.
Boise is a relatively large city located in the state of Idaho. With a population of 218,281 people and 44 constituent neighborhoods, Boise is the largest community in Idaho.
Boise real estate is some of the most expensive in Idaho, although Boise house values don't compare to the most expensive real estate in the U.S.
Boise is a decidedly white-collar city, with fully 86.12% of the workforce employed in white-collar jobs, well above the national average. Overall, Boise is a city of professionals, sales and office workers, and service providers. There are especially a lot of people living in Boise who work in office and administrative support (13.92%), sales jobs (11.73%), and management occupations (10.26%).
Also of interest is that Boise has more people living here who work in computers and math than 95% of the places in the US.
Boise Information and Demographics
The population of Boise is very well educated relative to most cities and towns in the nation, where the average community has 21.84% of its adult population holding a 4-year degree or higher: 39.83% of adults in Boise have a bachelor's degree or even advanced degree.
The per capita income in Boise in 2010 was $29,289, which is wealthy relative to Idaho, and upper middle income relative to the rest of the US. This equates to an annual income of $117,156 for a family of four. However, Boise contains both very wealthy and poor people as well.
Boise is a somewhat ethnically-diverse city. The people who call Boise home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Boise residents report their race to be White, followed by Asian. Important ancestries of people in Boise include English, Irish, Italian, and Scottish.
The most common language spoken in Boise is English. Other important languages spoken here include Spanish and Other Asian languages.
Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau and Locatoin Incorporated are deemed reliable but not guaranteed.
Information by realestate.com and altosresearch.com are deemed reliable but not guaranteed.
The chart above shows average housing rental rates. Twelve month historic rental rates are based on rental data for the market in each month.
Neighborhood and valuation information by Realtor.com. Information deemed reliable but not guaranteed.
. (Recessions shown as gray bars.)
- Current Population Survey, CES
- Current Employment Statistics.
The rent-to-mortgage payment ratio uses the adjusted market rent against a 100% loan-to-value mortgage (30-year fixed) for the median price home using MLS sales statistics. A ratio of 1.0 means that annual rent is equivalent to annual mortgage payments. Values less than 1.0 indicate rents are cheaper, and values greater than 1.0 mean mortgage payments are cheaper. (Note: taxes are not considered here.)
Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau deemed reliable but not guaranteed.