As the first half of 2021 comes to a close, Idaho has begun recovering from the COVID-19 pandemic along with the rest of the world. Boise is beginning to feel like the global pandemic was a thing of the past. With life moving on, many Boise residents have been observing the housing struggles in the area. We will cover the pitfalls and possibilities of the housing market in the Treasure Valley so you can find a great place to live with your new awesome roommate(s) you found on Chillow!
Have you been wondering what is going on with finding a good place to live in Boise? 2021 marks the first time in history that housing prices in the Treasure Valley have a median of $500,000 (via We Know Boise Real Estate). Aside from the increase in house prices over recent years, rent has increased as well. Across this time Boise has moved into one of the top cities to move to in the United States. With Boise's housing market hot people are left feeling stranded and panicked to find a home that fits their budget and needs. Rent in Boise has increased by $265 on average since 2018, now the average rent for a single family home is nearing the $1800 mark. It’s expensive finding a place to leave, let us at Chillow help you find the people you will live with!
Does it feel like every single space in town is full? It almost is! The vacancy rates in Boise have decreased across the last three years, down to a measly 1.2% in 2021. As vacancy has decreased, rent has risen to an average of $1743 for a single family home. Chillow is here to help you find your new place with your new roommate! Part of these forces are attributed to what some call the “Boise Tax”. This concept is that Boise residents are willing to suffer lower wages in reference to housing and other cost of living fees. The reason many of us are willing to make this sacrifice is due to the great quality of life in the Treasure Valley. Can you blame us? The Treasure Valley rocks!
So now that we have the low-down on the market, what now? What can the average millennial or Zoomer in Boise do? Chillow knows that finding homes to purchase in the Treasure Valley will certainly be a challenge. Many homes that are available under $500,000 will be fixer uppers. If you have the resources, time and your tool box, this can be a really rewarding option. Many people do this to also experience a sense of accomplishment once they complete the renovations on their new home. They did have their hand in creating a beautiful home after all! There is also the possibility of making a profit on a fixer-upper, if you sell after your fixing up is done. For those of us not so handy with tools, rentals are going to be where we reside.
The rental market in Boise and the surrounding area is very competitive. Finding an apartment or townhome that suits you and your roommate’s needs may be difficult. One way to cast a wider net for the search is to include houses, condos and other sublets that may have just enough rooms up for you and your roommates. Once you have your list compiled of ideal living spaces, make sure to carefully apply to apartments and other properties owned by property management companies as applying to too many can lower you and your co-signer’s credit!
Now you have the lowdown on how to find a living space in Ada county with your new roomies. Take some time and evaluate which option is best for you, then hop on Chillow and talk with your new potential roommates. Once you’ve found your next best roommate, brainstorm how you can get into your dream place! Teamwork is always best. Stay tuned for more local tips, locations, and activities to check out!
-The Chillow Team