Boise’s housing crisis intensifies
Boise’s real estate market has been struggling to find a way to adapt to the changing economy, which has forced many of its older and more expensive properties into the rental market.
In the meantime, it is a struggle to find buyers for the homes that remain.
A housing shortage that is being exacerbated by the climate change crisis and a housing shortage is pushing up rents, said Michael McLean, an analyst with Real Estate Weekly, a real estate news site.
“The real estate industry in the metro area has had a very good year and they have managed to get their inventory of homes down to a point where they can meet demand,” McLean said.
“But we are going to see a much higher amount of vacancies this year.”‘
It’s like a house of cards’A housing boom is also driving up prices in some areas.
For example, in the north-west, prices are up nearly 10 per cent since the beginning of the year, and in the central city, prices have risen a further 22 per cent.
The impact of climate changeThe average price of a single-family home in Boise has risen by more than $300,000 since the start of the climate crisis.
It has also increased nearly 30 per cent from last year.
But, despite the housing boom, there is still a shortage of homes for sale in Boise.
According to a recent survey of Boise-area real estate agents by the Boise Business Journal, the number of properties for sale has dropped from nearly 1,000 in November 2016 to just over 900 in January.
McLean said that the shortage of housing will likely be exacerbated by rising real estate prices.
“You can see the prices go up and down,” he said.”[The supply] is a little bit higher than the demand.
But we have a lot of supply, but we have not a lot demand.”
McLean noted that Boise has seen more housing development than any other metro area, and the city is now experiencing a shortage.
“There is just so much demand and there is so little supply,” he added.
The shortage of affordable housingThe realtors report also highlighted the challenges that are being faced by people looking to buy homes in Boise and surrounding areas.
McKillen said that a recent census showed that nearly half of Boise’s households are renting, compared to just 14 per cent of its total population.
“I have seen a very high number of people who are trying to buy properties,” McKillen told Al Jazeera.
“It’s a big issue that they’re just not finding homes in the market.”
“I know from my own experience, I’ve seen a number of renters who are really struggling to keep their mortgage payments and are trying all sorts of different things to buy their first home,” he continued.
“And I’ve also seen people who have been on their mortgage for a long time and just haven’t been able to find the right home.”
These are people who just don’t want to put themselves through this again.
So they are looking at all sorts and combinations of options.
“McKillens warningThe Real Estate Council of Idaho, which represents realtORS in Boise, said the housing crisis is a sign of the changing climate and the need for an “economic solution” to the housing shortage.
The group said that it is encouraging the community to support the local real estate community by purchasing affordable housing and encouraging people to seek out jobs that would help them afford a mortgage.”
As a society we are failing our youth and our older people by not investing in the infrastructure needed to support our people in a more prosperous, sustainable way,” the group said in a statement.”
A good solution to this crisis is to build more homes and better housing in communities and communities of color.
“But McKillens warnings are not limited to the Boise area.
In a statement, McKilles said that he was concerned that the housing market in the state was not “getting the job done”.”
There’s a lot going on,” he told Al-Jazeera.”
This is a real housing crisis.
There is a lot more supply than demand.
So there is not a whole lot of demand.
“The Real estate Council of Boise said that there is an opportunity for a national solution to the affordable housing crisis in Boise as a result of the federal government’s new $1.3bn stimulus package.”
We are optimistic that we can leverage this to address the housing and housing affordability crisis in the region,” the council said in the statement.