Two Idaho Housing Markets Lead The Nation in Risk
Remember a few years ago, during the pandemic, when we called our summer the summer of nothing? We haven't figured out a name for high gas prices, inflation, monkeypox, and economic uncertainty this summer. However, buyers, sellers, and investors continue to ponder whether or not Boise's 'bulletproof' housing market will continue its unprecedented growth.
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Boise is not the only Idaho housing market that tops the nation as one of the most sought-after locations. Coeur D'Alene has been recognized again as one of the most in-demand housing markets in the country. In recent years, Idahoans who have purchased homes have seen their home valuations and property taxes rise to historic levels. Could we see a drop in home prices like we saw during the housing crisis from 2008-to 2011?
The uncertainty in the following areas will begin to impact whether or not Idaho's hot housing market continues. Last summer, interest rates were at record lows. Today so-called 'cheap money is over. The higher the costs of home loans, the less buying power potential homeowners have. In other words, last year's $600,000 worth of buying power is now $350,000.
Rising gas prices have led to the astronomical inflation rates that impact the cost of goods from food to housing supplies. The higher the cost of goods, the less buying power consumers have to purchase homes or finance home improvements.
Idaho's Low-Risk Housing Markets
Are there any Idaho housing markets that aren't overvalued? The Deseret News shares a report from Fortune that says Idaho Falls and Pocatello are low-risk housing markets in the Gem State. As we've detailed here, without a market correction that will allow Idahoans to afford homes, Idaho will be a state where more people are moving out than moving in.
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