The Hot Housing Market of the Treasure Valley
The upcoming summer heat waves have not been the only hot thing entering in Boise. In fact, you might even say they are a bit late to the party. Today, lets look at what caused the Treasure Valley housing boom and what it means.
How did this start?
You may have seen on the news lately that Idaho has consistently been ranked the #1 fastest growing state in the country. Although known mainly for its famous potato’s, ski slopes, and beautiful, lush forests in the north, Idaho is also known for its significantly cheaper living standards. This can be seen by the median household price in the Boise area being only $209,990 in 2013.
With such a better deal on the standard of living and cheaper homes, many who lived in cities such as Reno, San Francisco, Seattle, New York, all began to move to the Boise area. With shorter commute times, business and career opportunities, and a family friendly environment, the Treasure Valley became a hotspot for people looking to start their families and settle down. Furthermore, the opportunities to build new beautiful homes at an all time high, fueling the housing market. Year by year the number of individuals moving to the Treasure Valley continued to increase, causing a greater demand for housing.
In 2021, Idaho has reached a new highest median price of $519,000. The state of Idaho also announced by the year of 2025 they expect around 113,000 new residents in the valley.
Why should I care?
The housing market boom in the Treasure Valley has caused many advantages and disadvantages. With such a quick rate of growth in both population and price of housing, it has caused some to be financially strained. Additionally, road infrastructure was not in place to accommodate so many cars on the road. However, the growth quickly brought in new businesses and people from across the nation, diversifying the state.
For your home, its worth considering whether you want a completely new home, or to renovate your current home. Its remarkable what a few changes to the exterior of a home can do, making it seem entirely new and comfortable. Redstone Windows and Doors offers a variety of different materials to customize both the interior and exterior aspects of your home. That way, you can have a new home feel without a moving truck.