Idaho Housing Costs Could Stay Sky High for Many Years
If you’re thinking about buying a home, maybe you can wait for another year. I saw a story where an economist was predicting the housing market is about to go south. More bear than a bull in market terms. I don’t think any of us rely on one prediction before making one of the largest purchases of our lives and, yet. On the very same day, I came across this projection at Fortune.
As you can see by the chart in the link, a very large banking house sees prices continuing in one direction. The one going skyward. I was talking with some folks in the office and we also speculated on our own. Even if housing were to dip as a result of a recession, it could remain strong in Idaho.
People Still Want to Call Idaho Home
Earlier this week, Twin Falls City Manager Travis Rothweiler was a guest on Magic Valley This Morning. During a commercial break, we were looking at a TV graphic. It showed some gas prices in California were well above seven dollars a gallon. He commented it’s another factor driving people to relocate to Idaho.
Can We Call it a Housing Crisis?
I don’t hear anyone speaking of a housing crisis, but if you’re a working-class guy with a wife and two kids, finding an affordable home in a nice neighborhood could be a personal crisis. The market is rising at breakneck speed because Idaho and the country simply don’t have enough housing.
It’s the opposite of what we saw 14 years ago. Then the country had too many homes and the bubble burst. Many builders never got back into the game.
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