New Boise Homes Priced at $275,000
New Boise homes priced at 275,000. When was the last time you saw that or heard of such a thing? According to WeknowBoise "the median sale price for single-family homes in Boise from April 1st to the 30th is $478,500 based on 372 home sales". So how is it possible that someone would be selling new single family homes for $275,000?
Leap Housing Solutions are the architects behind a repeat concept that they first put into place in Boise in 2019. Leap refers to themselves as an "affordable housing nonprofit" that is planning a 12-home development in West Boise. Eleven of the homes will be new construction and available for purchase. The one pre-existing home will be remodeled and become a rental. The new builds will be about 1000 square feet with 3 or 4 bedrooms and off-street parking. The Whitney Commons development will be at 921 North Shamrock Ave in West Boise.
You might be wondering how it's possible to for Leap to sell these homes for $275,000 in this market “We’re lowering the cost of housing by taking the land out of the equation,” said Cochran in an Idaho Statesman phone interview. Basically the homeowner is buying the home without the land. The land will be leased and in order to qualify as a buyer you must have a combined household incomes of no more than 80% of the median income in Boise, which is $59,850 for a family of four. After mortgage payment, interest, property taxes, homeowner’s insurance, a land lease fee, a common area maintenance fee, a down payment of $9,625, the monthly payment would be about $1,571 per month. The benefits would be the tax break and the opportunity to build equity.