Boise Idaho Seeing a Housing Bubble?
You would think that Idaho would be immune to the effects of the housing bubble. But according to a real estate professional in Boise Idaho, the housing bubble is taking its toll on this up and coming city.
Some facts about Boise:
- Estimated Population in 2006: 211,473
- Percentage of Individuals with a Bachelor’s degree or higher (age 25 or older): 33.6%
- Median household income in 2006: $53,539
- Homeownership rate in 2000: 64%
The Vacancy Sign is Lit
According to Phil Hoover and his Boise Real Estate Blog, there is a very high vacancy rate for homes that are for sale in Ada County and Boise. Of the 4,692 homes for sale, 2,575 of these homes are vacant.
That’s well over 50% of the homes in Ada County that have For Sale signs planted in front of them are sitting empty. This was a surprisingly high “empty house rate” at least for Mr. Hoover. Why is this a problem? Read the post on Phil’s website.
Bubble News?
Another post on The Boise Real Estate Blog is showing more and more home are coming on the market and total sales are down when compared to the same period in 2006. These figures may be insignificant if it wasn’t a continuing trend. Homes just are not selling in the Boise area. And now Boise is seeing the fallout. The average selling price for homes in Boise is actually decreasing. You can see all the facts and figures on the website.
Where is Boise Idaho?
Here is a map of Ada County.
View Larger Map
Have Something to Say…Please!
Let’s hear your thoughts on the subject of the Boise Housing Bubble. I have plenty of reservations left for a discussion at the Big Red Onion Blog.
Disclaimer: I do not currently live in Idaho and do not know Phil Hoover. I just have a strong interest in Real Estate.
