1,000 People a Day Move to Idaho

The figure is simply staggering.  The figure comes from Tom Luna, Idaho Republican Party State Chairman.  Of course, people leave Idaho every day.  Just not nearly as many coming.  I’m engaging in some hypothetical numbers but let’s say for argument the net gain is 300,000 people a year.  If this continues for six years, the state’s population will double! 

Do you think we’ll see the housing bubble burst anytime soon?

Two friends over the last several weeks have told me they expect it’ll happen but we would need to see an end to the in migration.  One housing development in Ada County was designed to sell homes for $300,000.  Twin Falls County Commissioner Brent Reinke explains the properties are now selling for $800,000.

Many newcomers are simply paying cash.  A friend shared last week one of her co-workers planned to look at four homes.  When she met the real estate agent 48 hours later, three had been sold.

There doesn’t seem to be much to stop the tide of humanity, save for throwing up barricades at the state line.  I’m being facetious and do know we can’t stop traffic!

One more corollary to share.  A friend in the panhandle builds homes and to say he’s busy would be an understatement.  However, he’s seeing a spike in the cost of building materials.  Especially when it comes to lumber.  He thought it was high last fall.  Now he’s spending triple on lumber compared to a year ago.

By the way, one last point.  The latest coronavirus relief package could allow school districts to pay down or pay off bonds.  Which would result in immediate property tax relief.  It may not be a long term solution but for homeowners it’s some breathing room.