Demand is through the roof : The housing market crisis in Boise
and last updated 2021-02-19 20:54:43-05
BOISE, Idaho â Currently, in Ada County, there are a little over 300 homes and condos for sale. If you want to buy for under $300,000 there are only six available listings.
Greg Langhaim is a realtor for Boise Home Group and also has a YouTube channel about living in Boise where he explores the Treasure Valley s housing market.
Many factors play a role in our current housing market. The first is supply and demand. We got so many people coming here with the demand is through the roof, and we just don t have the inventory, Langhaim said. People are lining up at open houses to get in, they re lining up to see properties that are currently on the market, and we have builders who are just backlogged with inventory and then we have so many clients who are just getting burnt out.
City officials in Boise, Idaho, are in the process of reviewing a plan to buy a small office building on the western edge of the downtown area and convert it into long-term affordable housing part of a push by the city to create below-market housing as rental prices have continued to climb throughout the pandemic. The plan, which was recently approved by the city council, as BoiseDev reported, is to purchase the building for around $800,000, and place it in the city’s affordable housing land trust. From there, the city would partner with a developer to adapt the building into a dozen or more reduced-rate apartment units. The project comes as more cities around the country are looking into the possibility of converting unused office space into affordable housing. But it’s one of several acquisitions the city is pursuing this year, and not all focused on office space, says Leon Letson, the manager for Boise’s Grow Our Housing program.