Boise livability still tops charts despite rising home prices

Boise continues to receive national attention as being a desirable place to live, and the outcomes are rubbing some residents the wrong way: benefits like a stronger economy are coupled with expensive home prices — a boon for sellers and realtors, but a potential hardship for local buyers.

According to Boise Regional Realtors’ most recent statistics, the median sale price of a home last month was just shy of $410,000, and on average a home was on the market for 26 days, down 23.5% year over year. Inventory is down 73.2% year over year. The full report is available at boirealtors.com/september-2020-market-report/#ada.

A recent SmartAsset report highlights Boise as the fourth-best city for first-time homebuyers, citing that almost 46% of Boise households are led by individuals younger than 45 and own their house or apartment. Boise has a noteworthy five-year home value appreciation and Idaho has a low foreclosure rate, according to the report.

Additionally, Idaho has other incentives for first-time homebuyers. Earlier this year, the Legislature passed House Bill 589, which establishes first-time homebuyer savings accounts. The annual contribution and interest earned on a first-time homebuyer savings account would be deductible from the taxable income of the account holder, Idaho Business Review previously reported. Click here to continue to read the entire article.

Source By: Idaho Business Review – Alx Stevens October 22, 2020