Boise Is No Longer The Most Overvalued Housing Market!
It feels like forever now, but for a while, Boise has been the most overvalued housing market in the country. Meaning, houses here cost way more than they should, and most folks can't afford to purchase a home here.
At least, that's the way it was. Until now.
New numbers are coming out, and surprisingly, the Cape Coral / Fort Myers area has taken the #1 spot as the most overvalued place to live in America. Hooray?
Currently, residents there are paying about 70% above market trends to purchase a home. The average home price is around $429,000, but based on past prices that price should be closer to $252,000. That's a massive difference in price.
Boise is paying around 62% above trends.
So why are people so hot on Cape Coral / Fort Myers? Ken H. Johnson, an economist at Florida Atlantic University's College of Business has some insight:
Even with the constant threat of hurricanes, people want to live here in a warm and business-friendly climate. Several storms hit the state in 2004 and 2005 and more since then, and there was concern existing residents and transplants may choose to go elsewhere, but the state is as popular a destination as ever. People have short memories when it comes to storms.
Well here's to hoping housing prices in Boise continue to go down, because at this point, you're going to have to take up selling hot dogs on the street on weekends to pay your mortgage.