MARKETS & TRENDS
Suburban neighborhood in Boise Idaho.
BOISE, ID
Market Spotlight: Boise, ID
POPULATION: The 2019 Census shows the Boise ID Metropolitan Statistical Area (Boise MSA) is the 79th largest in the U.S. with nearly 750,000 residents. Between 2018 and 2019, the metro gained over 20,000 new residents and ranked #2 for percentage popula- tion gains among the largest 100 MSAs. Boise has been growing by an average of 18,000 residents per year, with a five-year population increase of over 13 percent. In 2020 and 2021, the numbers will likely be even higher with pandemic-led migration patterns. JOB MARKET: The Boise MSA economy is the 81st largest in the U.S. by GDP, yet 69th in total jobs available. In the last five years, the metro is #1 for percentage job growth at 14.5 percent and has increased the GDP by over 24 percent. Prior to COVID-19, the Boise job market has been accelerating since the last recession, adding an average of 10,000 new jobs per year. Much of this job growth is in high paying industries such as Professional Services and Finance industry. As of March 2021, the Boise metro is one of only four metros to have fully recovered the total jobs lost com - pared to the pre-pandemic peak in February 2020. Some job sectors are still below last year’s peak, pri - marily lagging in Leisure & Hospitality (-11 percent) and Education & Healthcare (-2.3 percent). UNEMPLOYMENT After hitting a record low 2.2 percent in September of 2019, the economic challenges from COVID-19 related shutdowns caused the unemployment rate to spike to a high of 12.2 percent in April 2020. The Boise area economy has bounced back rapidly, drop - ping the unemployment rate to 4.2 percent by March ‘21. The 2019 median household income of $66,466 is slightly below the national median income of $68,700. One-year median household income is up 8.25 percent between 2018 and 2019, and up over 28 percent in the last five years. INCOME: Information and statistics from the Bureau of Labor Statistics employ - ment data, Department of Labor report, Census/ACS Tables and Rent - Range® data sources.
HUNTING FOR TREASURE IN TREASURE VALLEY
by Fred Heigold III with RentRange® - A leading provider of market data and analytics for the single-family rental industry
If you haven’t heard by now, the Boise, ID metro housing market is absolutely blistering hot. The COVID pandemic has created new and unfore- seen demand trends for the Boise-Nampa metropolitan area, also known as Treasure Valley. The rise of remote working amid the pandemic has allowed many folks to relocate away from expensive cities and buy or rent larger properties with additional rooms and quiet spac- es. Treasure Valley has become a hotspot for transplants from California, Oregon, and Washington. Many have been attracted to the Boise metro for its comparatively low cost of living and housing, better quality of life, and lower tax- es compared to these areas. In turn, this sudden influx of new people have intense - ly accelerated demand for homes in Boise, skyrocketing home prices nearly 30 percent in the last year. Even prior to the pandemic, the 2018-2019 census data shows strong growth in the Boise market. Both popula - tion and job growth are triple the national average. These factors have provided excellent appreciation for long-term buy-and-hold real estate investment strategies and great returns for fix and flip investors since the lows in 2012. Boise is one of the fastest-growing cities in the U.S., and also one of the fastest-growing millennial population. Our research shows the Boise real estate market will remain very competitive in 2021, with strong demand and limited supply boosting home prices higher.
72 | think realty magazine :: june 2021
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